Lilly will save $500m annually starting in 2018 after $1.2bn in layoff-related costs to reinvest in new products. Also, Cytori halves its headcount; VC OrbiMed closed a $551m Asia fund; and Insmed capitalizes on positive data.

Four biopharma firms allegedly paid writers to post positive articles about their stocks that were merely "paid advertisements"; in settlement, former CEOs of Galena and ImmunoCellular barred from being officer or director for five years and ordered to pay $1.3m and $2.9m, respectively.

The recent failure of Celldex’s vaccine Rintega was disappointing, but that has not dampened researchers’ enthusiasm for immunotherapy in the high-risk, high-reward glioblastoma field.

The bad news about the rapid rise in biotechnology company valuations? It will end eventually. The good news? While initial public offerings may no longer be an option for some pre-commercial companies to fund drug development, several venture capital investors recently raised new funds to back biotech startups and support follow-on financing rounds.