The asset appears to have a similar future in Duchenne muscular dystrophy as it has in idiopathic pulmonary fibrosis – to wit, none.

The biotech’s pamrevlumab fails a Phase III study in non-ambulatory Duchenne muscular dystrophy, but the antibody still has a shot in ambulatory DMD, as well as IPF and pancreatic cancer.

The XinThera deal gives Gilead multiple PARP1 and MK2 inhibitors. Also, Roche licenses a HER2 kinase inhibitor from Zion, Amgen partners with TScan in Crohn’s disease and Baxter sells the last of its biopharma operations – a CDMO business – for $4.5bn.

Private Company Edition: The astonishing pace of venture capital investment in drug development continues with another $1.5bn in financings of $100m or more, including $152m for Pyxis and $126m for Omega. New VC funds also continue to launch, including RiverVest’s fifth fund, totaling $275m.