Clinical trial results that readily excite stock market investors are subject to more stringent analysis by big pharma deal-hunters, despite their urgent need for pipeline renewal.

Public Company Edition: Insmed grossed $650m, Structure raised $476m and Merus brought in $400.2m after positive clinical trial results. But while CARGO raised $110m in a private placement and Day One sold a priority review voucher for $108m, Ikena, Takeda and others cut jobs.

Backed by strong progression-free survival results from the China-only, head-to-head HARMONi-2 trial, Akeso/Summit’s ivonescimab could be set to become a global contender against established standard of care Keytruda in first-line, PD-L1-high non-small cell lung cancer.

Co-founder and CEO of Cellino Biotech, Nabiha Saklayen, discusses the company’s innovative platform which uses automated technologies to overcome challenges in the development of regenerative medicine.