Partnership will test Mustang’s MB-101 with a second-generation oncolytic HSV-1 virus for potential in treating brain cancer. Canadian biotech launched by CCAB to fight the same cancer.

The latest biopharma industry appointments include new CEOs at Oculis, PellePharm, Syntimmune and Sterna Biologicals and a new CFO at Oculis, as well as new CMOs at Proclara Biosciences, Denovo Biopharma and OrphoMed.

Device and diagnostics fundraising slumped in Q2, but there was a substantial uptick in M&A activity. Device financings totaled just slightly over half of the previous quarter, while acquisitions grew almost six-fold, thanks primarily to Becton Dickinson's $23.5 billion play for CR Bard. Financing in diagnostics slid to $1.03 billion, less than half of Q1, whereas the $1.7 billion in M&As (most of that from PerkinElmer's $1.3 billion buy of EuroImmun) was more than double Q1's aggregate.

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.