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.

Plus deals involving Menarini/VenatoRx, Orion/Glykos, Roche/MOMA, Janssen/Elektrofi, Galapagos/BridGene along with 13 other transactions.

Private Company Edition: As venture capital funding continues at a robust pace relative to public company financings, Knopp Biosciences and Population Health Partners launched Areteia with enough cash to fund Phase III asthma trials and Qiming revealed new VC funds totaling $2.5bn and $700m.

After apparent long delays in development, AbbVie returns rights to Dong-A's MerTK program, with the South Korean pharma yet to determine the fate of the still preclinical stage assets.