Teva has announced a new investment from Royalty Pharma in its long-acting injectable formulation of olanzapine that is being developed for the US market with partner MedinCell.

Public Company Edition: CARGO Therapeutics grossed $281.3m, giving it the fifth-largest biopharma IPO this year. Also, Alkermes completed its cancer business spinout as Mural Oncology, which launched with $275m, and Xencor sold Ultomiris and Monjuvi royalties for $215m.

Having long attracted investors thanks to its promising pipeline, the moment of truth approaches for Vertex’s sickle cell gene therapy exo-cel, and VX-548, which has potential to transform acute and chronic pain treatment.

Once a cancer drug powerhouse, Roche’s newer oncology launches were not taking up the slack caused by biosimilar competition to its former blockbusters. Something else was required.