The butterfly effect is an elegant analogy to describe the seemingly unpredictable and far-reaching implications of a relatively small and inconsequential event. The FDA’s approval of Aduhelm is not so much a butterfly gently flapping its wings, but rather a sonic boom emanating from a jet engine. Most immediately, it provides a new therapeutic option for millions of patients in dire need of hope, vindicating Biogen’s faith with a revenue stream running into many billions of dollars. Longer-term the reverberations may be felt across the entire industry, throwing into question the evidentiary requirement for drug development.

Looking back at the deal landscape of 2020, large-scale deals were overtaken by smaller transactions, though volume was up, driven by pandemic-related business.

Artios Pharma rides the wave of DDR enthusiasm following the recent signing of big pharma partnerships with a financing to bring its first-in-class cancer treatments into the clinic.