There have been no biopharma initial public offerings in the US since 12 January while the industry’s valuations have plummeted by double digits since the start of 2022. Nevertheless, venture capital investment continues at a fast pace and there have been some follow-on public offerings.

Glenmark is set to roll out its allergic rhinitis nasal spray Ryaltris in three South East Asian countries following an exclusive licensing agreement with Lotus. The company expects Ryaltris to have a significant role to play in its growth over the coming years.

Public Company Edition: While panelists at Biotech Showcase argued merging with a special purpose acquisition corporation is not as attractive as it used to be, firms continue to pursue this go-public alternative. Also, Hillstream launched a small IPO and Cytokinetics accessed cash from Royalty Pharma. 

Towa Pharmaceutical has struck a deal to acquire fellow Japanese firm Sunsho Pharmaceutical in a move that Towa says will help it to diversify by developing value-added products.