All chips on immuno-oncology is not a good gamble

While first-generation immuno-oncology therapies are only the tip of the iceberg of what immune reprogramming promises to do for patients, the massive investment in the space has entered bubble territory, with the inflating number of development candidates and revenue projections far outstripping what the market will bear. We expect the bubble to burst.

For pharmaceutical companies, oncology is a fast growing, high margin market segment, and over the past decade, it has become the industry’s golden goose. ...