Deal brings Lilly a Phase II activin receptor-targeting antibody that could provide another tool in battling obesity. This is Lilly’s fourth M&A transaction since 20 June.

Lilly agrees to pay about $2.4bn to acquire Dice and its Phase IIb oral IL-17 inhibitor, as well as a discovery platform that has yielded a preclinical oral PD-L1 inhibitor.

While full data are not yet available, JNJ-2113 would be the first oral drug against IL-23R, setting up for potential competition against oral TYK2 and IL-17-targeting drugs.

With valuations down and borrowing costs up, many industry insiders are expecting Darwinian scenes in biotech this year. Survival of the fittest is the order of the day: companies with riskier, less commercially defined propositions will struggle, while platform companies with multiple shots on strong goals will increasingly find favor in a more risk-averse environment.