During Q3, biopharmas brought in an aggregate $36.6bn in financing and device company fundraising totaled $3.3bn; while in vitro diagnostic firms and research tools players raised $3.4bn.

Seattle Genetics and Merck penned an agreement to globally develop and commercialize (on a co-exclusive basis) Seattle Genetics’ ladiratuzumab vedotin, an investigational antibody-drug conjugate in Phase II trials for breast cancer and other solid tumors. The deal has a potential value of over $4bn. While Gilead Sciences entered into a definitive agreement to acquire Immunomedics Inc. for $88 per share in cash, or approximately $21bn. The transaction is expected to close in Q4 2020. Financing reached $14.6bn in biopharma, $824m in devices and $1.9bn in diagnostics.

Biogen and Denali entered into a potential $2.15bn alliance for Denali’s DNL151 for Parkinson’s disease and other neurodegenerative diseases. Siemens Healthineers announced plans to acquire Varian Medical for $16.4bn. Financing reached $7.9bn in biopharma, $501m in device, and $639m in diagnostics.