Merck & Co leads a market expected to exceed $10bn by 2028, but others are aiming to muscle in.

The sacking of CEO Andrew Hopkins over inappropriate relationships with two employees has cast a cloud over the high-profile AI biotech.

CBER director suggests more flexibility on confirmatory study timing is warranted for accelerated approvals in rare diseases and even in some more common scenarios such as infectious disease outbreaks, although a ‘relatively stronger approach’ will apply to most large indications.

Public Company Edition: Neumora grossed $250m and RayzeBio raised $311m in the first initial public offerings since early August. Also, ImmunityBio completes $470m in equity and debt financings, Bausch + Lomb sells $1.4bn worth of notes and Arbutus is among firms making cuts to conserve cash.