During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.

Just one $1bn+ alliance was penned in September compared to eight that were signed in August.

Deal Snapshot: CRISPR-Cas9 co-inventor Jennifer Doudna-founded gene-editing firm inks its second large collaboration, teaming with Sanofi on off-the-shelf natural killer cell therapies for cancer.

Private Company Edition: The astonishing pace of venture capital investment in drug development continues with another $1.5bn in financings of $100m or more, including $152m for Pyxis and $126m for Omega. New VC funds also continue to launch, including RiverVest’s fifth fund, totaling $275m.