A review of second quarter biopharma start-up deal-making and financing activity from Strategic Transactions showed a quarter-over-quarter drop in dollars raised despite multiple mega-rounds, including $100m-plus VC deals for SpringWorks and Fusion.

Bayer will collaborate with start-up Hope Medicine to develop antibody therapies targeting the PRL receptor. WARF and Sanford Burnham Prebys partner on translational research.

Biomarkers will be key to winning the race to a successful AD drug. Even then, drugmakers must build the infrastructure for getting therapy to the right patients at the right time.

In Q3, biopharma financing totaled $7.4 billion, a large proportion of which was by rare disease developers; among the highlights in the $23 billion in M&As was Allergan's buying spree, including two NASH companies. Just over $20 billion went into biopharma alliance dealmaking, and neurology assets attracted many of the dollars.