Deals announced by Sanofi and Novartis at this year’s virtual J.P. Morgan Healthcare Conference and a smattering of full-year revenue preannouncements did not mark a bumper start to the year.

Days after buying Kymab, Sanofi partners with Israel’s Biond on IO candidate targeting ILT2. Gilead again tackles functional cure of hepatitis B in alliance with Vir.

Any chance that Kymab would advance to become a fully integrated biopharma has gone with Sanofi's deep pockets turning the heads of investors. Is the UK ever likely to develop its own Amgen or Moderna?

Another UK biotech has been swallowed up by a big pharma with Sanofi acquiring the Cambridge-based firm in a deal that could be worth almost $1.5bn.