Celltech's hostile bid for OGS may have scuppered the company's cosy merger plans with CAT. But OGS isn't giving in without a fight. And Celltech's offer may even prove beneficial to OGS shareholders, bumping up the firm's price-tag for CAT--or another suitor.

For an industry increasingly dominated by these drugs, commercial programs need to take on the risk once reserved for development.

It is a world, at least the US corner of it, in which any common understanding of drug value is confused by opposing incentives – to opacity and transparency, to looking at benefit broadly or narrowly, long-term or short-term: value, in short, to whom?