One of the biggest surprises of 2020 was how biopharma M&A emerged relatively unscathed from Covid-19.
Selling its cancer drugs to Servier leaves Agios more reliant on mitapivat.
A mid-stage clinical failure raises more doubts about Galapagos’s pipeline and the wisdom of Gilead’s $5bn deal last year.
Though late-breakers rightfully seize much of the limelight at the Esmo congress, investors should look further afield too.
An early look at data from the huge cancer conference boosts Allogene and Immunogen, while Arvinas and Cytomx suffer.
Cytomx’s bispecific Probody approach attracts Astellas in a deal with a seemingly high up-front payment.