The major Japanese firm says decision prompted by desire to focus more resources on late-stage clinical candidates and core therapeutic areas, while expanding deals.

News and views from day three of the BIO annual meeting include business development insights, such as Sanofi's global head of BD Alban De La Sabliere's promise that big pharma has no hidden agenda and an AbbVie BD exec's observations that lower company valuations have not led to lower asking prices. Also, BIO chairman and Nkarta CEO Paul Hastings' optimism that biotech will rebound and Venus Williams' Sjogren's disease story draws a crowd.

News and views from day 3 of the BIO annual meeting include business development insights, such as Sanofi's global head of BD Alban De La Sabliere's promise that big pharma has no hidden agenda and an AbbVie BD exec's observations that lower company valuations have not led to lower asking prices. Also, BIO chairman and Nkarta CEO Paul Hastings' optimism that biotech will rebound and Venus Williams' Sjogren's disease story draws a crowd.

News and views from day two of the BIO annual meeting include reflections on the ups and downs of the financing environment, Cerevance CEO Craig Thomson on the challenges of raising VC funds right now, and Bayer business development exec Marianne de Backer explains that it's not a good strategy to buy things just because they are on sale.