Acquisitions usually depress the stock price of the buyer to reflect the dilution and propel the shares of the acquired to reflect the premium. But not always.

Adding oleclumab and monalizumab to the PD-L1 inhibitor improved PFS, while another study showed improved real-world outcomes.

Anthos premiers with $250m from Blackstone and cardiovascular disease assets and expertise from Novartis, while Maze brings in $191m for drugs that target gene modifiers. In public company financings, Sage raises $575m ahead of Zulresso approval decision.

Vernalis' decision to switch strategy and enter the US cough-cold market backfired spectacularly and acquirer Ligand is getting hold of what once was a jewel in the UK biotech crown for next to nothing.