The first BCMA-targeting agent to gain approval in myeloma never became the blockbuster for which GSK had hoped, but Blenrep appears to have set a new standard for speed of voluntary withdrawal of an accelerated approval drug after a confirmatory trial failure.

Private Company Edition: The amount of venture capital investment in biopharma companies has shrunk from quarter to quarter, but the average deal size remained high until the third quarter. Larger rounds from Treeline, Odyssey and Neumora offset a plethora of smaller VC financings early in Q4. 

The Swiss-Italian biotech firm’s two lead assets for cancer are expecting pivotal readouts next year, prompting it to consider partnering strategies and further substantiating its targeted R&D approach.

China biotechs appear increasingly interested in partnering with domestic counterparts amid signs the Chinese government's restrictive "COVID Zero" policies are likely to stay until well into 2023.