The US antibiotics developer Cempra Inc, founded in 2006, has successfully gone public, but with a reduced offering. The Chapel Hill, North Carolina-based company raised $50.4 million with expected net proceeds of $46.7 million. But that fell well short of the $70-plus the company was looking for just two weeks ago, meaning that it will still need to raise more cash to complete development of its two lead candidate antibiotics.

In Vivo ranks Big Pharmas by levels of out-licensing over the past five years.