During Q4, biopharma merger and acquisition value reached $35.7bn and drew in $62.1bn in potential deal value from alliances. Device company M&A values reached $19.2bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $4.8bn.

Even with top-seller Biktarvy and its preventive therapy, Descovy, protected beyond this decade from generics, Gilead is investing aggressively in long-acting HIV candidates and its oncology pipeline.

Kite CEO Christie Shaw said Tmunity brings three advantages: armored CAR-Ts, manufacturing technology and an ongoing research deal with the University of Pennsylvania.

Deal Snapshot: Months after terminating its Phase I BCMA-targeting CAR-T program and on the eve of ASH, Gilead’s Kite announced a deal with Arcellx for a CAR-T that has already shown promising data.