There will be a lot of press about this BMS-Nektar $3.6B deal, but one thing everyone will agree on is that the checkpoint inhibitor space is highly competitive and Merck's Keytruda has become a bete noir for BMS' Opdivo. Furthermore, IO is, as oncology has been but even more so perhaps, a combination therapy story. And NKTR-214 was one of two real stars of the 2017 SITC (along with the EMD's PD-L1/TGF-beta trap). So one can parse the numbers and worry about the riskiness of the bet, but there is a risk to BMS' not making a bold move.  And all this hand-wringing reminds me about another past mega deal, Gilead's acquisition of Pharmasset for $11B. Gilead was not defending but establishing an HCV franchise. And we all know how that deal turned out, and it was similarly much-maligned at the time.