In the third quarter of 2021, medical device company M&A values reached $7.1bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $6.7bn.

The partnership helps close the gap between Nkarta and Fate Therapeutics in terms of the breadth of their pipelines.

With the first Revlimid generics launching in 2022, Bristol Myers Squibb’s late-stage assets are key, but earlier programs will help fill the void as Opdivo and Eliquis lose exclusivity later in the decade.

Private Company Edition: The flood of venture capital into health care and life science firms continues with Perceptive closing a $1.1bn credit fund and Sanofi investing $50m in Jeito Capital. Also, Ambrx closed a $200m crossover round as biopharma remains on track for a record funding year.