Gilead has waived its option to acquire Pionyr, allowing the US biotech to explore other partnerships and financing opportunities as it advances a promising pipeline of macrophage-targeting antibodies.

Seattle biotech raised $36m series A in March, now obtains glaucoma and AMD drug candidates along with delivery technology. Alligator, Orion partner on bispecific antibodies for cancer.

During the first quarter, medical device company mergers and acquisition totalled $10.2bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $5bn.