Private Company Edition: Two companies raised multiple hundreds of millions of dollars each helping to keep the number of $100m-plus venture capital mega-rounds on the rise in May. Also, Ascend raised $132.5m to make gene and cell therapies, and Nido emerged with $109m for neurological diseases.

The biopharma industry may not have been the fastest adopter of artificial intelligence, but its vast potential means companies of every shape and size know they cannot ignore it. Executives, advisors and investors share their predictions around the impact of AI in 2023.

Deal-making between big pharma and biotech looks set to rise with a looming patent cliff increasing the need for the former to replenish its pipelines. Meanwhile, biotechs need partners to help them advance amid the ongoing big freeze on raising cash on public markets.

Venture capital and private equity firms pumped a combined $102m into seven Chinese biotechs in major deals announced during December.