Biotech entrepreneurs tend to be an optimistic group, and there were many pockets of hope for 2024. However, the consensus remains that depressed valuations and paucity of fresh funds will continue to pose a challenge for the sector, and companies will need to prioritize carefully and work even harder to demonstrate and create value.

Deal Snapshot: Regeneron will buy Decibel for about $109m, plus a contingent value right linked to milestones related to gene therapy programs for hearing loss.

AstraZeneca has paid $85m upfront to develop Tregs against two autoimmune conditions, type 1 diabetes and inflammatory bowel disease

The proceeds from the series A will be used to progress Dualyx’s preclinical program DT-001, which targets "the highly attractive TNF receptor 2 (TNFR2), widely regarded as a master control switch in immune modulation."