Japan’s annual drug reimbursement price revision for 2023 will cut approximately $2.3bn from national healthcare costs, and while several temporary price increases have been granted to cope with an ongoing supply crisis for some products, a system of one-off revisions for big sellers remains.

When the traditional fundraising window closes and clinical, regulatory or commercial success eludes, other routes to raise cash emerge. But these have also become more scarce recently, leaving all-stock consolidations.

Heralded as a potential blockbuster, Nestlé's acquisition of Palforzia has proved to be a very expensive mistake.

Private Company Edition: Alexis Borisy and his Curie.Bio co-founders will invest $5m-$7m to help companies get to lead optimization within 12-18 months. Also, Feng Zhang-founded Aera launched with $193m, Hexagon Bio raised a $77.3m series B round and Halda emerged with $76m.