The approval of first-generation checkpoint inhibitors, Merck’s Keytruda and Bristol-Myers Squibb’s Opdivo in the second half of 2014, catalyzed a wave of deal-making, not only around other checkpoint inhibitors, but also for molecules and technologies that could offer synergistic benefits when used in combination with these drugs. 

Sarepta licenses gene therapy candidate from Lacerta, also makes equity investment. Neuren licenses North American rights to rare disease drug trofinetide to Acadia.

With the $2.4bn acquisition of Shire's oncology assets, including Oncaspar and Onivyde, the French drug maker has laid down a marker to become a key player in cancer and sees the US in particular as the land of opportunity.

Oncologie acquires PS-targeting candidate bavituximab, which may help other cancer therapies in attacking tumors. BridgeBio's newest spinout will develop former Novartis cancer candidate infigratinib.