A mix of mega-rounds and smaller seed financings show investment happening at both ends of the venture capital spectrum. In public company financings, Gilead prices $2bn note offering, Biogen secures $1.5bn for Reata deal, Inhibrx completes a $200m PIPE and the IPO market shows new signs of life.

Takeda spins out Oak Hill Bio, Lupin and Axantia will co-develop filgrastim biosimilar and Xbiome licenses skin ulcer candidate from Aurealis.

Mersana will help J&J develop antibody-drug conjugates against three targets, while AstraZeneca out-licenses a candidate for peripheral artery disease to Regio.

Private Company Edition: Amylyx will use its new cash to run a Phase III trial and submit applications seeking EU and Canadian approvals of AMX0035, but US filing plans based on prior Phase II/III data are less clear. Also, three VC firms raised new funds targeting biopharma and other investments.