The emergence of multi-cancer blood tests for early detection is captivating investors and driving multi-billion-dollar acquisitions. Companies such as GRAIL, Thrive Earlier Detection and Guardant are predicting revolutionary change in the way cancer is diagnosed and treated. The biggest hurdle, however, may be coaxing health care systems and health insurers to join the revolution.

Grail hopes to launch its Galleri test in 2021 as a laboratory developed test and submit a PMA to the US FDA in 2023.

The Japanese firm's original 2007 NDA was rejected in 2008 but it kept faith in the drug, now approved as an adjunct to levodopa/carbidopa. At least one competitor is waiting in the wings.

Pharma and biotech companies raised $4.6bn in the first quarter, exceeding the 2017 quarterly average by $1.4bn. But while the money invested soared, the number of companies funded sank. In public financings, MorphoSys commences US IPO and Mylan sells $1.5bn in notes.