Concentra's unsolicited bid for Atea is the latest proof that promising but financially strapped biotechs that are trading below cash are prime M&A targets.

Vertex and CRISPR look beyond beta thalassemia and sickle cell disease. Also, Bicycle gets $50m up front in Novartis deal, Regeneron commits $75m initially under a Treg collaboration with Sonoma, and Jounce gets a better deal from Concentra to wave off Redx merger.

Acquisitions usually depress the stock price of the buyer to reflect the dilution and propel the shares of the acquired to reflect the premium. But not always.

Gilead has waived its option to acquire Pionyr, allowing the US biotech to explore other partnerships and financing opportunities as it advances a promising pipeline of macrophage-targeting antibodies.