By agreeing to pay $7.3bn for Reata and its Friedrich’s ataxia drug Skyclarys, “recalibrating” Biogen can be more patient with launches of Alzheimer’s drug Leqembi and ALS therapy Qalsody.

Avrobio is facing up to the reality of investor skepticism about gene therapy platforms and business models – but can it find a buyer or merger partner to start again?

Raising money will be difficult for the foreseeable future, so every part of the ecosystem from start-ups to public companies to VC firms is figuring out how to survive until cash is easily accessible again.

Public Company Edition: Direct Biologics, YishengBio and Estrella Biopharma will go public by merging with special purpose acquisition corporations. Also, Vir lands a government contract worth up to $1bn, Idorsia raises CHF164m ($167.4m) in a real estate deal and Adamis reviews alternatives.