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Breaking News: Merck CEO Ken Frazier Speaks with CNBC's Meg Tirrell

WHEN: Today, Tuesday, July 29th

WHERE: CNBC's "Squawk on the Street"

Following is the unofficial transcript of breaking news from CNBC's Meg Tirrell. Following is the video from CNBC.com: http://video.cnbc.com/gallery/?video=3000296616.

All references must be sourced to CNBC.

MEG TIRRELL: I JUST GOT OFF THE PHONE WITH CEO KEN FRAZIER FROM MERCK. THEY HAD EARNINGS THIS MORNING AND A LOT OF QUESTIONS OF COURSE WITH WHAT HAS BEEN GOING ON WITH INDUSTRY CONSOLIDATION. HE TOLD ME THEY HAVE GOTTEN NO CALLS FROM MAJOR SHAREHOLDERS URGING ONE OF THESE BIG INDUSTRY CONSOLIDATION-TYPE DEALS. NOW THIS OF COURSE IN THE BACKDROP WITH ALL OF THESE TAX INVERSIONS, KEN FRAZIER CALLED THAT THE ISSUE DU JOUR, SAID IT IS HIS JOB TO NOT TAKE HIS EYE OFF THE BALL FROM MERCK, WHICH IS A MORE THAN 100 YEAR OLD COMPANY. AND THE EYE ON THE BALL THERE IS FOCUSING ON INNOVATION, GETTING MEDICINES TO MARKET FASTER. BUT HE DID SAY WE REALLY NEED TO REFORM OUR TAX SYSTEM. HE SAID IT PUTS U.S. COMPANIES AT A COMPETITIVE DISADVANTAGE. BUT AGAIN, NOT CONSIDERING THOSE BIG INDUSTRY-TYPE CONSOLIDATION DEALS LOOKING MORE AT BOLT-ONS LIKE THE ACQUISITION THEY DID OF IDENIX EARLIER THIS YEAR. THAT IS IN HEPATITIS C. ALSO TALKING A LOT ABOUT THE COMPETITION COMING IN HEPATITIS C, GETTING A TRIPLE COMBO PILL. SO JUST TALKING WITH KEN FRAZIER AGAIN NOT LOOKING AT ONE OF THOSE BIG DEALS.

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