This year will be better than 2011 TRENTON, N.J. (AP) - Merck & Co.'s new CEO says setbacks in drug development made his just-ended first year a tough debut. But Kenneth Frazier says some important new drugs are on the horizon and Merck is pursuing deals for others that are in late testing. Last January, right after Frazier took the helm, Merck unexpectedly ended a late-stage study of a promising blood thinner due to bleeding risks. Problems held up other drugs, and Merck's return to shareholders was about the lowest in the industry. This year, Frazier says the Whitehouse Station, N.J., company plans to seek approval of an insomnia drug without next-day sleepiness, and of Bridion, a drug for reversing anesthesia after surgery that's approved in many other countries but was rejected in the U.S. in 2008.