Big Pharma in-licensing has been kind to anti-infectives start-ups Cubist and Versicor, giving them near-term products and significant valuations. Now Althexis, hoping to capitalize on similar opportunities, is merging with Microcide. The deal is a way of jumpstarting the still nascent Althexis and re-starting Microcide, re-setting its valuation and development clock. With Microcide's cephalosporin, technology-based Althexis would get the product focus it lacked. And the deal comes with $60mm in new money from investors who've bought CEO Mark Skaletsky's vision and want him to repeat his success at GelTex.

If J&J’s gamble on a single dose pays off, it could rapidly advance the fight against SARS-CoV2 – but a second study will provide a safety net.

Agency has been prepping Woodcock for the temporary task but what will happen to her role on Operation Warp Speed remains unclear. The move should give Biden team cushion to confirm a permanent leader of whom a top contender is former senior FDA staffer Joshua Sharfstein, a proponent of drug reforms that may irk manufacturers.