Private Company Edition: Former Merck R&D head Roger Perlmutter and his new team have accessed drug candidates in oncology and neurodegenerative diseases from three companies, along with new funding. Also, Carmot raised $150m in series E equity and BenchSci brought in $70m.

The development of oncolytic virus therapy has gained momentum over the past decade, due to its relatively safe mode of action and potential to enhance existing treatment options. A third of cancer vaccines in development are now oncolytic viruses, which are being developed for about 40 different types of cancer. In Vivo takes a closer look at therapies in development to see what the future holds for this promising therapy.

A review of second quarter biopharma start-up deal-making and financing activity from Strategic Transactions showed a quarter-over-quarter drop in dollars raised despite multiple mega-rounds, including $100m-plus VC deals for SpringWorks and Fusion.