The acquisitions of Alexion and Celgene are the latest in a long line of transactions in which big pharma buys big biotech. But these latest two are of biotechs that have disappointed their investors, and there are still some of those left for 2021.

Alexion is a case study in the travails faced by a biotech with a single blockbuster as it tries to maintain its scale and transform itself into a sustainable business, without blowing billions on bad M&A.

In an exclusive interview, Alexion R&D head John Orloff takes In Vivo on a tour around the company’s rejuvenated pipeline and explains how the business is innovating to pre-empt the Soliris-shaped hole in its balance sheet.

Following last December’s partnership in CNS with Autifony, BI undertakes a screening collaboration with Domain. Leo maintains its busy deal-making pace, partnering in dermatology with Evotec.