Deal adds a marketed small molecule and three pipeline agents, although Lilly will share revenue from Viktravi and LOXO-195 with Bayer.
Autolus leads winners in spite of scepticism over its CAR-T, and gene therapies disappoint.
The $5bn transaction was surely only made possible by shrinking valuations, but investors in both Glaxo and Tesaro have reasons to be unhappy.
After years in the wilderness acute myeloid leukaemia is seeing a wave of activity, and there could be more targeted agents to come.
For biotechs nearing regulatory approval the key is to sell before launch. For buyers, playing the waiting game is a better strategy.
Alnylam has secured its first approval, but history suggests that launch will be far from easy.
If the US drugs regulator picks up the pace in the second half of the year, 2018 could be a bumper year for novel medicine approvals.
Deals were a major driver of mid-cap share movement in the first quarter, but pipeline progress and misfires played their parts too.