The US firm’s Syfovre for geographic atrophy due to age-related macular degeneration was linked with a handful of cases of occlusive retinal vasculitis, according to a letter published by a top retinal society, but most analysts believe there is a reasonable explanation.

Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.

During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.

Plus agreements involving Hansoh/GHDDI, BriaCell/UMBC, Novartis/UC Berkeley, NeoPhore/Memorial Sloan Kettering, GEn1E/UM-Baltimore, ValoTx/University of Helsinki and Sosei/Cancer Research UK.