JPMorgan’s healthcare bankers in the past year worked on the $74bn takeover of Celgene and the $62bn sale of Shire.

Last autumn they pitched Cianna Medical, a California company with tumor-detecting technology and only about $40m in annual revenue, on a sale. “I kept saying, tell me again why you’re interested in this deal?” said Jill Anderson, Cianna’s then-chief executive.