Public Company Edition: Arvinas grossed $350m in a private placement, while Xenon brought in $345m and Pharvaris raised $300m in follow-on public offerings. Fundraising remains challenging, however, so IGM Biosciences, Hansa Biopharma and other companies cut costs to save money.

Buying Cerevel six days after the ImmunoGen takeout, with a combined value of nearly $19bn, AbbVie thinks it has restocked its pipeline with future blockbusters to drive post-Humira growth.

The FDA is set to make a decision on elafibranor for primary biliary cholangitis by June next year, which could give Ipsen a head start over CymaBay's seladelpar.

After years of discussions, Japan has revised legislation relating to the use of medicines containing cannabinoids, while also officially criminalizing the non-medical use of marijuana. The move may pave the way for easier use of medicines such as Epidiolex, for which a local Phase III trial started in 2022.