Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a Pink Sheet analysis of FDA approval decisions since 2021.

Pink Sheet infographic breaks down the big pharma deals and required divestitures over the past four years. Seagen reports that Pfizer's acquisition of the company is expected to close late this year or in early 2024.

Dupixent’s surprise success in COPD is welcome news, but it remains uncertain whether regulators will demand a second study readout before filing. In the meantime, Sanofi highlighted another promising late-stage candidate for the hard-to-treat disease during its Q1 results.

Acquisitions usually depress the stock price of the buyer to reflect the dilution and propel the shares of the acquired to reflect the premium. But not always.