Pipeline-in-a-product approaches have become popular in biopharma, and Gilead has been making significant strides.

Public Company Edition: Among other recent large financings, BridgeBio Pharma launched a $650m note sale, CureVac closed a $517.5m follow-on offering and Revolution Medicines raised $260.9m.

A number of anti-TIGIT drugs are jockeying for position to provide benefit as monotherapies and in combinations for non-small cell lung cancer and Merck's offering is looking to challenge Roche's tiragolumab for the lead.

Acquisition is based on the prospects for Immunomedics’ Trodelvy, but regulatory changes, manufacturing challenges, and research dynamics could upset even the best-laid plans.