Oncology partnership with Swiss major follows late 2020 pact with Merck KGaA. Pfizer divests Phase Ib breast cancer candidate to Celcuity.

Device fundraising during the fourth quarter totaled $2.6 billion, making it the strongest quarter of the year. Q4 M&A activity reached $3.9 billion, higher than Q3's $3.4 billion, but still one of the lowest quarters of the year. Both fourth quarter diagnostics financings and M&As hit an all-year low of $622 million, and $2.8 million, respectively.

November may have had the lowest deal volume of the year to date, but five hefty fundraisings pushed the total takings of the first 11 months of 2017 to more than $5.9bn. With one more month to go, will 2017 succeed in surpassing $6bn in total deal value, and claim the title of most bountiful year since 2013?

Life sciences start-ups raised $2.61 billion in Q2 2015. Biotechs penned 38 alliances; seven acquisitions were signed, none in the medical device industry.