This is the TLDR of JPM Day 1

In honor of JPM Week, you’re reading a special edition of our biotech newsletter, The Readout. To stay on top of the latest scoops and live reporting from the San Francisco conference, join our newsletter list.

“The lanyards” have landed! Apparently, that’s what the good folks of San Francisco call everyone who descends on the city for the J.P Morgan Healthcare Conference. One of our STAT colleagues was at a local bar last night and overheard a group of San Franciscans lamenting about all of the people in conference lanyards and Allbirds sneakers — or “Salesforce 1s,” as another bar patron called them — that were starting to fill the city. Well, if we’re going to take over the city, let’s get some news out of it!

M&A happened

Johnson & Johnson is buying Ambrx Biopharma. Merck is buying Harpoon Therapeutics. And while it’s not a done deal yet, Novartis does appear to be circling around Cytokinetics, according to our reporting brethren at the Wall Street Journal.

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