Relay raises $400m to kick off July’s second big week of US initial public offerings. Also, Ocumension and Immunotech launch Hong Kong IPOs, Amgen invests $421m in BeiGene’s $2.08bn offering, Cytokinetics gets up to $400m in deal and investment funding, and Imvax closes $111m series C round.

The collaboration between the Swiss major and Blueprint Medicines, which could be worth up to $1.7bn, should help pralsetinib provide stiff competition to Eli Lilly's RET mutation drug Retevmo.

Bristol makes its own deal with Celgene ally Dragonfly, while Gilead ends virology partnerships with Durect and Precision BioSciences.

The number of new active substances launched in their first market in 2019 dropped as 2018’s superlative performance gave way to something more usual.