Public Company Edition: Also, Johnson & Johnson’s consumer health spin-out Kenvue filed paperwork to get the ball rolling on an initial public offering. In addition, Geron raised $198m and Madrigal accessed more than $300m after positive trial readouts, but layoffs were revealed by Editas, Elevation, Nabriva and others.

Private Company Edition: While Coya Therapeutics raised $15.25m in the final initial public offering in the US last year, Apnimed stayed private raising $80m in a series C extension and Metagenomi extended its series B by $100m to total $275m.

Already partnered on antibody-drug conjugates and a Phase III breast cancer candidate, Merck could pay up to $9.3bn under its third pact in 2022 with Kelun. Eisai divests Fycompa to Catalyst.

Aspen Pharmacare is looking to build and augment where it has laid down foundations, after reshaping its operations with numerous significant divestments.