The XinThera deal gives Gilead multiple PARP1 and MK2 inhibitors. Also, Roche licenses a HER2 kinase inhibitor from Zion, Amgen partners with TScan in Crohn’s disease and Baxter sells the last of its biopharma operations – a CDMO business – for $4.5bn.

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.

Hydration Pharmaceuticals Company’s Hydralyte revenues come from limited footprint in rapidly growing sports beverage market while Prestige Consumer Healthcare’s Hydralyte footprint is limited only by not competing with Hydration Pharmaceuticals in US and Canada.

Expanding Hydralyte sales to US sports beverage market might seem a likely target for PCH. But firm doesn’t plan to bring its Hydralyte products to the US, where a smaller company owns and markets the brand.