In the third quarter of 2021, medical device company M&A values reached $7.1bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $6.7bn.

AR-15512 missed the primary endpoints in a Phase IIb dry eye disease study that could have served as a pivotal trial, but Aerie’s drug hit enough signs and symptoms of the disease to justify a Phase III.

At the live AAOS conference, exhibitors, including major orthopedics players, demoed digital innovations, software-enabled technologies, robotics and smart implants that are expected to create efficiencies in the surgical continuum and provide data to improve outcomes.

Public Company Edition: Three $100m-plus US initial public offerings launched on 15 July after two smaller biopharma IPOs earlier in the month. Also, Gelesis announced a SPAC merger, Brii and Amniotics launched ex-US IPOs, and Intellia, Cerevel and Kymera priced large follow-on offerings.