Merck May Speed Drug Development

Merck & Co. Chief Executive Raymond Gilmartin said the drug maker might accelerate drug development and cost cutting after it withdrew the painkiller Vioxx because of a link to heart risks.

“Initiatives to drive down costs” won’t include job cuts, and Vioxx-related workers will be redeployed to work on other products, he said. U.S. regulators haven’t been in contact with the company about Arcoxia, Merck’s planned successor to Vioxx, after a study showed the older medicine doubled heart attack risk after 18 months of use, he said.

Merck shares rose 12 cents to $30.19 on the NYSE.