Lilly paid $140m up front for an option to acquire Radionetics for $1bn within an undisclosed timeframe. The private firm is developing small molecule GPCR-targeted radiopharmaceuticals.

The Madrid-headquartered group could see its finances transformed with a sale of its third party manufacturing services which have blossomed through its partnership with Moderna.

BMS may have ditched an antibody-drug conjugate partnership with Eisai, but the Phase II pipeline for ADCs remains strong across the industry.

Deal Snapshot: Merck said it would pay potentially more than $1.6bn for an exclusive global license for opevesostat for metastatic castrate-resistant prostate cancer.