Crowded cancer pipelines challenge investor patience

On the face of it, oncology has been a triumphant tale. Over the past decade, blockbuster immunotherapies, targeted agents, and merger-fueled war chests have propelled cancer to the epicenter of biotech ambition.

However, some say the field may now be creeping toward saturation. Every month brings a new PD-1 or LAG-3 candidate, a fresh immunotherapy combination, or yet another biomarker-driven expansion. In that crowd, how many will truly shift the standard of care — and how many will simply be noise?

The checkpoint inhibitor arms race