The 19 breakthrough therapy designations awarded so far this year run the gamut from areas that traditionally have not fared well with BTDs, like cardiovascular and respiratory disease, alongside the traditional cancer and orphan disease tentpoles.

The vaccine, V116, targets eight unique serotypes, and it is particularly geared toward preventing pneumococcal disease in adults, especially the elderly, according to Merck.

Phase II studies of vaccines involve more variables than for drugs and these can be compounded by seasonality. This can make the time until vaccine approval longer than would be expected for drugs.

Public Company Edition: Private Galderma raised $1bn but said its next likely financing will be an IPO. Also, Azitra went public while Turnstone, Apogee and Sagimet initiated the process; Sutro signed a royalty deal for up to $390m; and despite a follow-on offering mini-surge, cost cuts continue.