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.

Public Company Edition: Sage will reveal cost reductions later in the third quarter after the US FDA approved zuranolone for the smaller of two depression indications. Also, Karyopharm revealed a 20% workforce reduction, Harmony accessed up to $185m in debt and Astellas invested $50m in Poseida.

This week, Abiomed announced a class I recall of Impella heart pumps; the FDA released new device sterilization standards; and Boston Scientific planned a $140m new campus in Minnesota.

Concentra's unsolicited bid for Atea is the latest proof that promising but financially strapped biotechs that are trading below cash are prime M&A targets.