Public Company Edition: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates. 

Pivotal trials are underway for two microbiota restoration therapies, a narrow-spectrum antibiotic and a vaccine; funding from non-profits and new owners have revived stalled projects at Summit, Deinove and MGB Biopharma.

Janssen and Bristol team to develop next-generation oral anticoagulant, while UCB buys Proximagen's nasal spray candidate and Duke spinout focused on genomics.

Denoive acquires from TVM Capital both Biovertis and Morphochem, plus a Phase II ready antibiotic asset, for an initial 4% stake worth €900,000. Since their formation, Biovertis and Morphochem have had more than $96m invested in them.