AbbVie pays $130m up front with up to $870m in earnout potential for UCB spinout focused on SV2A modulators. BioNTech gets rights to preclinical TCR candidates for solid tumors from Medigene.

Public Company Edition: US initial public offerings are reawakening from a brief nap as Prometheus and Longboard prepare IPOs for launch. Also, Halozyme sells $700m worth of notes and Karuna’s $250m stock sale leads recent follow-on offerings.

Also, deals involving Sumitomo Dainippon, Tolero, Boston Biomedical, Zai Lab, Turning Point, SciClone, EpicentRx, Yuhan, GI Innovation, Takeda, Carmine, HitGen, Morphic, CStone and Burning Rock.

Even though half of the drug developers that have gone public in the US during the first two quarters of the year are providing negative returns, the 13 companies trading in positive territory bring the class of 2019's average return to 10%.