Pelabresib is delayed, and Novartis writes off $800m of the €2.7bn purchase.

A pipeline cull sees the US pharma joining AbbVie's exit, in the wake of Novartis’s big bet. 

Of the big oncology deals since 2016, there are still plenty that could go either way.

Early-stage assets missing from the group’s pipeline include several ADCs, as the acquisition of ImmunoGen looms.

Competitors struggle, while MorphoSys investors see a path forward for pelabresib after all.

Pelabresib’s Manifest-2 trial yields mixed data, but the bad part could render the whole unpalatable.