Private Company Edition: Regeneron launched a $500m venture fund and Canaan added $100m, bringing the venture firm’s recent total to $1bn-plus. Also, incubators plan to grow over the next decade and in recent financings Avenzo raised $150m and Nvelop launched with $100m.

In this second instalment on key trends playing out in India, Scrip talks to industry leaders on the marked shift in GMP norms that could potentially resize Indian manufacturing, large player interest in the CDMO space and M&A activity, where PE firms may be the “most aggressive” buyers.

Private Company Financings: Year-end data from Pitchbook/NVCA, like recent Evaluate numbers, show venture fundraising slid from the third to fourth quarters. However, Taiho increased its VC fund by $100m, Ji Xing closed a $162m series D round and MAPS raised more than $100m.

Backed with $500m to look into the mechanistic underpinnings of unmet medical needs, Arena BioWorks will employ a hub-and-spoke model to incubate biotechs around a central technology hub.