After a bruising few months for GSK, 17 global drug makers now have a higher market cap than the UK company.
With a mid-stage win in cholesterol lowering in the bag, attention turns to obesity.
Bristol Myers Squibb has been trying for years to hit LPA1 with small molecules, but an acquisition by Abbvie signals a new approach.
Hitting two targets with one molecule is all the rage in oncology, but Roche and others have taken this work into other disease areas.
Overall venture investment in the sector remains steady, but the big strategics back off.
Pfizer's Covid cash keeps the M&A scene alive, but few other developers dug deep in a quiet third quarter.