Bayer's retreat from the global, primary-care stage into the mid-sized, regionally-focused specialist player arena was forced upon it by its own particular set of challenges. But other drug firms facing similar issues should take note: globalism may not be the best way forward in today's environment.

Private Company Edition: Perceptive/Xontogeny, Abingworth, Kizoo and Droia closed venture capital funds. New biopharma VC financings also include a $105m series C round for Elpiscience and $92m for newly launched Interline.