J&J will pay about $6.5bn to acquire Momenta and its potential “pipeline in a pathway” with nipocalimab. Analysts expect this deal may lead to further M&A activity in the anti-FcRn space.

Sanofi is paying for $3.68bn cash for Principia to get the US biotech’s drug development platform and nascent pipeline, including a brain-penetrant BTK inhibitor in Phase III for multiple sclerosis.

Public Company Edition: Phathom went public in the US within proposed pricing terms, but Cabaletta’s IPO went to market below a proposed range, while TFF launched in line with earlier plans. Also, Principia’s FOPO raises $210m and Trillium restructures.

While the proposed Bristol/Celgene merger nears an April vote, Celgene continues a recent spate of deal-making, paying $25m up front to Exscientia to discover small molecule candidates for cancer and autoimmune disease.