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CD47 is worth $4.9bn to Gilead

A $4.9bn buyout of Forty Seven means that Gilead remains focused on oncology, though cell therapy bulls are none the wiser.

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New Pfizer, same problem

Pfizer’s chief executive has pledged to throw money at the pharma giant’s thin pipeline and shirk financial engineering, but only canny deal-making will keep investors on…

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Lilly jumps the gun with Dermira deal

The $1.1bn that Lilly is paying for lebrikizumab looks low ball, but competing against Dupixent will not come cheap. And then there are the Roche payments.