ANI Pharmaceuticals has recorded its highest-ever quarterly revenue of $73.9m during Q2, following the launch of its cortrophin gel and a substantial growth in generics revenue.

During Q2, biopharmas brought in an aggregate $12.5bn in financing and device company fundraising totaled $3.7bn; while in vitro diagnostic firms and research tools players raised $720m.

Only four multinationals, including Pfizer, had to make deep cuts to the prices of their off-patent drugs to outbid local generic competitors in China’s seventh round of centralized volume-based procurement. Among the foreign firms that lost out in the bidding, Eisai looks set to be dealt the heaviest blow in terms of market share.

Teva has appointed a new general manager in Canada following the departure of Christine Poulin to Covis Pharma. At the same time, Amneal’s associate general counsel, Meredith Cook, has taken up a role at ANI Pharmaceuticals, while Alvotech has appointed several new directors to its board as part of its transition to being a publicly-listed company.