Welcome to Inflection to Insight, a new series taking a closer look at notable chapters in biopharma history, gleaning learnings to inform current business strategy. This inaugural instalment looks at the rapid rise and fall of two competing drugs for hepatitis C virus, Vertex’s Incivek and Merck & Co’s Victrelis.

After shutting down its trial for a leukemia conditioning agent due to a patient death, Magenta’s review of strategic alternatives concludes with a combination with complement inhibitor-focused Dianthus.

Even with Amgen’s $27.8bn acquisition of Horizon in mid-December, biopharma M&A volume, total value and average deal value all dropped substantially from 2021.

During Q4, biopharmas brought in an aggregate $17.5bn in financing and device company fundraising totaled $1.9bn; while in vitro diagnostic firms and research tools players raised $848m.