After revealing plans to buy one of its holdings out of a Spac, Roivant itself moves towards a blank-cheque company listing.
Many corporate-backed funds remain enthusiastic venture investors, but some might be hitting the brakes.
The first quarter of 2021 saw fewer deals than any in recent memory.
And consolidation in the diagnostics space is only just beginning.
The group does not let the grass grow under its feet, acquiring Tidal Therapeutics before its bigger Synthorx buy has proven itself.
Reliance on established drugs lessened for most large drug makers last year, but staleness is creeping in at Merck and Bristol.
Cancer diagnosis is likely to see a huge resurgence in demand as the pandemic ebbs, and Invitae wants to be ready.
The quest for the Grail is beset with challenges.