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PTAB-TRIAL ·Filed Oct 15, 2026

MRK

Merck & Co., Inc.
BULLISH
Impact 5/10
Horizonmonths Processed11d 11h ago PTABView PTAB decision
PTAB final written decision
Actionable Insight ▲ Bullish

This decision removes one patent from Halozyme's asserted portfolio against Merck. Monitor the related PGR/IPR proceedings on the remaining patents (e.g., PGR2025-00003, -00004, -00006, etc.) and the parallel district court case for further developments on Merck's overall infringement exposure.

DirectionBullish
Confidencehigh
Horizonmonths
Latest settled — T+5d ⚠ clustered
MRK ▼ -0.47% at T+5d
LONG call ✗ call lost -0.47% · α vs SPY -0.04% · entry $145.95 → $145.27
Next anchor: T+20d in 18d
Entry anchored
Oct 16, 09:30 AM ET
via 1-min bar
T+1d
-1.59%
call -1.59% · α -2.01%
$143.63
settled 7d ago
T+5d
-0.47%
call -0.47% · α -0.04%
$145.27
settled 3d ago
T+20d
Pending
in 18d
T+60d
Pending
in 3mo

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Executive Summary

In a Final Written Decision in PGR2025-00024, the PTAB held all challenged claims (1, 2, 6–15, and 17–30) of Halozyme's U.S. Patent 12,060,590 (covering modified PH20 hyaluronidase polypeptides) unpatentable on written description, enablement, and obviousness grounds. As petitioner, Merck Sharp & Dohme LLC (a subsidiary of Merck & Co., Inc.) successfully invalidated the patent, which is part of a broader patent dispute involving multiple related patents and a pending district court action. This removes a potential infringement barrier for Merck's products that may use or rely on hyaluronidase technology.

PTAB Trial Details

Proceeding
PGR2025-00024
Proceeding Type
PGR — post-grant review
Decision
Final written decision
Company Role
Petitioner
Outcome for Patent Owner
Loss
Patent
U.S. 12,060,590
Patent Covers
Modified PH20 hyaluronidase polypeptides, formulations and uses thereof
Challenged Claims
1, 2, 6–15, and 17–30
Claims Cancelled
1, 2, 6–15, and 17–30
Related Litigation
Halozyme, Inc. v. Merck Sharp & Dohme LLC, 2:25-cv-03179 (D.N.J.) — involving at least 18 related patents
Next Step
Parties may seek judicial review at the Federal Circuit per 37 C.F.R. § 90.2.

Key Facts

  • PTAB issued a Final Written Decision on October 15, 2026, in PGR2025-00024.
  • All challenged claims (1, 2, 6–15, and 17–30) of U.S. Patent 12,060,590 were held unpatentable.
  • The patent covers modified PH20 hyaluronidase polypeptides with increased stability and/or activity.
  • Merck Sharp & Dohme LLC (Merck & Co., Inc.) was the petitioner; Halozyme, Inc. was the patent owner.
  • The '590 patent is one of at least 18 related patents involved in a civil action (Halozyme, Inc. v. Merck Sharp & Dohme LLC, 2:25-cv-03179 D.N.J.) and multiple other PGR/IPR proceedings.
  • The Board found the claims unpatentable for lack of written description, lack of enablement, and obviousness over the '429 patent and Chao prior art.

Financial Impact

Not quantified in the decision; the patent is part of a larger portfolio dispute involving at least 18 related patents and a pending district court case.

patent validityinfringement exposurelitigation risk

Risk Factors

  • Halozyme may appeal the decision to the Federal Circuit or seek Director Review.
  • The decision covers only one of many related patents in the broader dispute; Merck still faces litigation on the remaining patents.
  • The Board denied obviousness on the merits but still found the claims unpatentable on written description and enablement grounds, which could be subject to different appellate standards.

Investment Themes

Biotech & Drug Discovery

Documents Analyzed

This report is based on 1 PTAB decision.

DocumentAccession Number
PTAB-TRIAL Data (Synthetic)ptab-PGR2025-00024-fwd-MRK
28 reports for MRK
Performance horizon
75% Hit rate @ T+20 3 of 4 directional calls Went positive at some point 4 of 5 best @ T+20▲ +16.92%Aug 6, 2026
Filters
Rows
Reports for MRK — sortable, filterable
TypeNow
Oct 22, 2026
3d ago
3/A
NEUTRAL ★ 1/10
$147.24awaiting T+20—$145.27 (−1.34%)
Oct 21, 2026
5d ago
PTAB Trial
NEUTRAL ★ 3/10
$147.24awaiting T+20—$145.27 (−1.34%)
Oct 15, 2026
11d ago
PTAB Trial
BULLISH ★ 6/10
$145.95awaiting T+20—$145.27 (−0.47%)
Oct 15, 2026
11d ago
PTAB Trial
BULLISH ★ 5/10
$145.95awaiting T+20—$145.27 (−0.47%)
Oct 13, 2026
12d ago
8-K
NEUTRAL ★ 2/10
$141.98awaiting T+20—$145.27 (+2.32%)
Sep 29, 2026
27d ago
Court Ruling
NEUTRAL ★ 1/10
$145.31awaiting T+20—$145.27 (−0.03%)
Sep 28, 2026
28d ago
Court Ruling
NEUTRAL ★ 1/10
$149.28awaiting T+20—$145.27 (−2.69%)
Sep 22, 2026
4w ago
Court Ruling
NEUTRAL ★ 3/10
$148.08 $149.88▲ +1.22%▲ +0.53%$145.27 (−1.90%)
Sep 11, 2026
6w ago
Court Ruling
NEUTRAL ★ 1/10
$144.85 $145.45▲ +0.41%▼ −1.85%$145.27 (+0.29%)
Sep 9, 2026
6w ago
Court Ruling
NEUTRAL ★ 1/10
$144.71 $142.38▼ −1.61%▼ −3.73%$145.27 (+0.39%)
Showing 10 of 28

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