Getting on the best reimbursement pathway in the US will be vital for the UK company as it moves closer to approval and taking on the established players in the chronic obstructive pulmonary disease arena.

Public Company Edition: Summit initiated the big rights offering earlier this year as promised in December when it licensed Akeso’s PD-1/VEGF bispecific. Also, Teva sold $2.49bn in sustainability-linked notes to pay down debt, while MorphoSys, Novavax and others restructured and cut jobs.

Ampreloxetine failed in a Phase III trial in 2021, but the company will start a registrational trial by the end of Q1 for the drug in the multiple system atrophy population, where it has shown efficacy.

Verona Pharma’s Phase III ensifentrine, if approved, would be the first new dual-mechanism treatment class for COPD patients in decades. It could propel the UK-based biotech toward profitability, or into the arms of a larger partner.