Vertex is closing in on annual revenues of $10bn from its cystic fibrosis drugs, but non-opioid pain therapy candidate VX-548 could open up a whole new blockbuster revenue stream if Phase III studies go to plan.

Although a new FDA guidance recommends difference in pain scores as the primary efficacy endpoint for evaluation of postoperative analgesic effect, data on outcomes such as reduction in hospitalization and deaths from opioid abuse would be valuable and could provide a basis for inclusion in labeling; guidance is part of broader agency effort to reduce opioid use.

Plus deals involving Biorchestra, Takeda/F-star, TaiGen/Joincare, Dr Reddy’s/Eris, Kaken/bitBiome, CJ Bioscience/4D Pharma, Ono/Macomics, Daiichi Sankyo/Zymeworks, Celltrion/Genuv and more.

Acquisitions usually depress the stock price of the buyer to reflect the dilution and propel the shares of the acquired to reflect the premium. But not always.