A complete response letter from the FDA knocked Intercept’s stock price for six, but perhaps the FDA is sending wider messages about NASH.

Gene and cellular therapies that can replace decades of expensive therapy do not come cheap. Even the initial remedy of payment by installments could be irrelevant when not all patients respond in the same way.

With Lilly, Pfizer and Novartis duking it out for early-stage breast cancer patients, how many drugs for the same indication is too many?

The use of antibodies in disease prevention and treatment is now ingrained in modern medicine but as antiviral agents their record is at best patchy and the reliance on them to treat or prevent coronavirus infections is perhaps premature.

With so many companies developing treatments and vaccines against coronavirus, and most other affected by the pandemic, they can’t all be winners.

Alexion is a case study in the travails faced by a biotech with a single blockbuster as it tries to maintain its scale and transform itself into a sustainable business, without blowing billions on bad M&A.