The rival firms are advancing separate biologic candidates that target IL-17 in a bid to treat the more than 60% of hidradenitis suppurativa patients who remain uncontrolled on AbbVie’s Humira, with recent trial readouts showing promise.

A busy start to the year sees the Italian firm adding to its respiratory portfolio by gaining access to the Swedish biotech’s investigational inhaled treatments.

Investors, advisors and CEOs at the J.P. Morgan Healthcare Conference and Biotech Showcase were somewhat optimistic about fundraising this year, but noted certain companies may have to call it quits.

Timing big M&A transactions to coincide with the biggest investor conference of the year is difficult. But getting it right can boost stocks across the sector.