But the pace of biopharma asset deals dips. Are the two trends related?
This year has yet to see a blockbuster-style deal, but prices remain punchy nevertheless.
Followers of novel immuno-oncology mechanisms will note Astrazeneca as a new player in Tigit and Tim3.
Since 2016 drug developers have spent $23.6bn in-licensing cancer projects, almost half of the sector’s up-front bill.
As data non-disclosure prompts sellside guesswork one indisputable fact stands out: Gilead has not opted in to Arcus’s domvanalimab.
Two huge up-front fees this week, for an anti-Tigit MAb and an antibody-drug conjugate, show that early-stage oncology assets are still hot.
The anti-Tigit MAb domvanalimab will generate key clinical results any day; will they be good enough for Gilead to opt in?
PDS and Spectrum rise, while Black Diamond, Alpine, Harpoon and Macrogenics disappoint, and others ride on big pharma’s coattails.