Despite no mega-deals (yet), the J.P. Morgan Healthcare Conference’s first day brings the usual flurry of deals, including a pair of tie-ups each for Bristol and Pfizer. BioNTech moves into cancer with Crescendo.

An $8bn public-to-private takeout by two private equity firms of the Swedish rare disease specialist collapses because total tenders to the offer fell below a 90% threshold.

Are three FDA clinical holds in less than four days a symptom of lax safety programs at some biotech companies? And what does the latest publication on Aduhelm say about the relationship between safety and accelerated approval?

Plus deals involving Moderna/Metagenomi, Agomab/Origo, Selecta/Ginkgo, Teva/MODAG, Boehringer Ingelheim/Thoeris and X-Chem/ComInnex/Glamorous AI.