This development may fully reopen the global economy — and the stock market has mostly ignored it

Merck nears deal for rare-disease-drug maker Acceleron
Merck nears deal for rare disease drug maker Acceleron

The buzz surrounding the potential for the antiviral drug from Merck & Co. MRK and Ridgeback Biotherapeutics is hot enough that already there’s political debate for who is to blame for the medication not being available sooner. That buzz, however, is notably absent in the world’s financial markets. Granted, the Phase III trial showing molnupiravir reduced the risk of hospitalization or death by approximately 50% for patients with mild or moderate COVID-19 has boosted the stock of Merck by as much as 11%, but the broader market…

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