The French drugmaker has not abandoned oncology but has made it very clear that immunology and inflammation is the priority for its R&D euros.

The US firm’s multi-billion dollar buyout of the rare disease biotech Reata was not so straightforward according to a recent security filing that detailed a back-and-forth bidding process between Biogen and a rival company that initiated first contact, believed to be Sanofi.

The rate of growth of the pharma pipeline slowed last year as oncology and rare diseases tightened their grip on R&D. There are also further signs of China’s rise in importance in the industry.

The Irish firm revealed it was in early conversations with Amgen, J&J and Sanofi regarding a possible takeover, with some experts touting the potential for a deal far surpassing the $20bn mark.