Lilly paid $140m up front for an option to acquire Radionetics for $1bn within an undisclosed timeframe. The private firm is developing small molecule GPCR-targeted radiopharmaceuticals.

Plus deals involving BioVaxys/IMV, Immunome/Ayala, Nascent/Manhattan BioSolutions, AVROBIO/Tectonic, Sanofi/Synthekine, NAYA/Florida Biotechnologies as well as deals in brief and tech transfer agreements.

Restructuring Edition: The industry emerged from the J.P. Morgan Healthcare Conference feeling renewed confidence about deal-making and financing, but drug developers continue to run short on cash or cut programs and jobs before the money runs out, including Cara, PMV and Ikena.

Public Company Edition: Three $100m-plus US initial public offerings launched on 15 July after two smaller biopharma IPOs earlier in the month. Also, Gelesis announced a SPAC merger, Brii and Amniotics launched ex-US IPOs, and Intellia, Cerevel and Kymera priced large follow-on offerings.