The Swiss drug maker will initiate a "mass dismissal" and return rights to its lead drug candidate after the US FDA alerted the company to NDA deficiencies.

The deal will help MorphoSys focus on lifting lackluster Monjuvi sales, and on bringing its promising myelofibrosis candidate pelabresib to market.

A NASDAQ listing has been the pinnacle for non-US biotech companies because it brings access to more specialist investors and a larger capital base. But the appetite for – and aftermarket performance of – this biotech tourism is cycle-dependent.

Public Company Edition: The last biopharma IPO in the US was on 17 February and none have been scheduled, so far, for March. Also, another SPAC merger is called off, Travere sells $275m worth of notes and Xeris secures $150m in new debt, while Ovid, Passage Bio and others are cutting jobs.