Nerlynx succeeds in a new breast cancer setting, but this might amount to little more than a win on a technicality.
The $5bn transaction was surely only made possible by shrinking valuations, but investors in both Glaxo and Tesaro have reasons to be unhappy.
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.
Deals were a major driver of mid-cap share movement in the first quarter, but pipeline progress and misfires played their parts too.
A cooling of the M&A climate allows Asia-based groups to come to the fore.