During Q2, biopharma merger and acquisition value reached $25.4bn and drew in $27.3bn in potential deal value from alliances. Device company M&A values reached $2.7bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $534.3m.

Astellas pays to play in next-generation immuno-oncology through deal for young, privately held US venture and its novel modulation platform.

There is growing interest in the gut microbiome as a source of new therapies across a wide range of diseases. Although it is still an emerging field, pharmaceutical firms and other investors are engaging, with more expected to follow.

Advances in high-throughput screening and metagenomic data analysis have already helped uncover the microbiome’s potential as a source of new therapeutic approaches. But more new tools will be needed to further decipher it.