BMS partners with Repertoire and Scenic, plus deals involving: G1/Pepper, Harmony/Epygenix, Biodexa/Emtora, Regeneron/Mammoth, Vertex/Treefrog and Immedica/KKR/Impilo.

Restructuring Edition: Even big pharma companies are not immune from workforce reductions. BMS and Sanofi joined that ranks of Evotec, CureVac and BenevolentAI in cutting jobs. Also, Vaxxinity will de-list and Hepion winds down its NASH trial, among other strategic updates.

The sun shines over a sector with multi-blockbuster products in their prime. But clouds are looming, and highly innovative products that cannot replace the sales shortfalls could lead to a re-rating of the sector’s growth prospects.

With adalimumab biosimilar market share increasing in the US, AbbVie says revenue erosion is on its expected pace, driven mainly by discounts. Skyrizi, Rinvoq continue growth trajectories.