During Q4, biopharmas brought in an aggregate $17.5bn in financing and device company fundraising totaled $1.9bn; while in vitro diagnostic firms and research tools players raised $848m.

The $9.7bn acquisition hinges on the small interfering RNA inclisiran, but an ongoing cardiovascular outcomes trial, manufacturing hurdles, and reimbursement challenges provide subjects for concern.

Biopharma financing decreased by 29% in the first quarter of 2017; conversely, M&As set a record, reaching $61.9 billion. The largest alliance of the quarter involved the microbiome.

Biscayne and Japanese CRO SNBL create spin-outs to advance programs; liver disease specialist Ascletis gains funds as it shifts away from HCV; Neon gets $100m to put into its cancer vaccines; and other highlights of recent VC funding.