Vibostolimab is less advanced than Roche’s competing tiragolumab, but Merck thinks the combo of its anti-TIGIT and Keytruda will offer a better therapeutic profile.

The 10-year partnership brings Arcus up-front funding with ample earnout opportunities, while Gilead gets extensive opt-in rights and an equity stake it can increase – and potentially a wholly owned dual checkpoint combination.

Public Company Edition: Benefitting from hope that biopharma interventions will help the coronavirus pandemic, the industry is faring better than others in the stock market, including the ability to launch IPOs. Also, BridgeBio leads recent financings and PDL is on track to dissolve by year-end.

While Israel has not wanted for early-stage scientific excellence, leading lights in the country's biotech space are working to create an ecosystem where clinical, regulatory and managerial expertise can develop.