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.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/programming/cnbc.