The US firm’s multi-billion dollar buyout of the rare disease biotech Reata was not so straightforward according to a recent security filing that detailed a back-and-forth bidding process between Biogen and a rival company that initiated first contact, believed to be Sanofi.

The rate of growth of the pharma pipeline slowed last year as oncology and rare diseases tightened their grip on R&D. There are also further signs of China’s rise in importance in the industry.

The Irish firm revealed it was in early conversations with Amgen, J&J and Sanofi regarding a possible takeover, with some experts touting the potential for a deal far surpassing the $20bn mark.

Private Company Edition: As venture capital funding continues at a robust pace relative to public company financings, Knopp Biosciences and Population Health Partners launched Areteia with enough cash to fund Phase III asthma trials and Qiming revealed new VC funds totaling $2.5bn and $700m.