During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.

In his recent report on Alcon, BTIG analyst Ryan Zimmerman estimated that its pharmaceutical portfolio could generate close to $900m in fiscal year 2022.

With the $770m acquisition, Alcon will gain two commercial eye drop products for glaucoma and a Phase III candidate for dry eye.

Already owner of about 60% of the troubled antibiotic firm, Innoviva agrees to pay $2.20 per share for all outstanding stock in Entasis. Roche, KaliVir partner on oncolytic virus therapies.