Mohit Manrao, head of AstraZeneca’s US oncology business unit, explained the company’s diverse approach in an interview, including investments in ADCs, cell therapy and radiopharmaceuticals.

The $16.5bn deal, intended to increase Novo Nordisk’s production of semaglutide-containing products, led a $36bn-plus quarter for M&A transactions, according to Evaluate.

Bristol Myers Squibb and Lilly have recently done billion-dollar radiopharmaceuticals deals, and now the UK group wants a piece of the market. But can it make its Fusion fusion work?

Novartis is the leader when it comes to targeted cancer therapies incorporating radioisotopes. But plenty of companies are trying to break in to this market.