A PwC analysis finds biopharma aggregate deal value declined 87% during the first half compared to the second half of 2018; deal volume dropped 17%. The pandemic was a cause, but not the only factor.

Sales were down in the second quarter to $5.07bn, primarily due to coronavirus-related impacts, but Gilead’s COVID-19 antiviral therapy remdesivir will boost revenues in the second half.

As it prepares to report second quarter earnings that may show coronavirus-related impacts, the company’s antiviral for COVID-19 may boost 2020 revenue and offset need for new products.

The big biotech will pay $300m to acquire a 49.9% equity interest in the cancer immunotherapy startup with a buyout option. It is one of several immune checkpoints Gilead has secured access to this year.