Taiho will pay Cullinan Oncology up to $405m for their joint venture and lead candidate for a form of lung cancer. Plus deals involving Zhaoke/Visus, AnGes/Eiger, Juniper/Helsinn, Peak Bio and more.

Pfizer’s $11.6bn acquisition of the company brings it full rights to the oral migraine drug Nurtec ODT and nasal spray zevegepant, with aims to build a $6bn migraine franchise.

The company is looking to refuel its immunology & inflammation portfolio as Xeljanz safety takes a toll and the franchise approaches loss of exclusivity.

Regeneron hopes to bolster its immuno-oncology pipeline with the acquisition of Checkmate, which joins a spate of similar deals suggesting renewed interest in biotech investment despite an industry-wide slowdown.