Already abandoned for psoriasis and psoriatic arthritis, the failure of Ventyx's TYK2 inhibitor for Crohn’s disease signals the end of the project, leaving Takeda and Alumis as BMS's principal rivals in the field.

Public Company Edition: The IPO market in the US cooled in Q2, but a warm-up may come in Q3 alongside new SPAC merger opportunities; Artiva may be the next biopharma firm to go public. Also, IDEAYA and Recursion grossed $302.4m and $200m, respectively, in follow-on offerings.

Biotechs have had a difficult time raising cash through flotations over the past quarter, with one stepping away altogether.

Even after removing Xaira’s unusual $1bn seed financing, Evaluate’s data show that biopharma venture capital fundraising increased from the first to the second quarter and from Q2 of last year.