Restructuring Edition: OrbiMed/Foresite and Concentra responded quickly after Theseus implemented a 72% workforce reduction and began a search for strategic alternatives despite having $225.4m in cash. REGENXBIO, Novavax and Lyell also revealed job cuts despite large cash stockpiles.

Backed by an international syndicate of investors including Novartis and Ysios Capital, Tagworks has raised a healthy sum to advance its proprietary click-to-release platform technology and take its first click-cleavable antibody-drug conjugate into the clinic.

Struggling antibiotic company will go privare under the agreement. Bayer will employ Acuitas's liquid nanoparticle technology in gene therapies developed by subsidiary Asklepios.

LegoChem’s hefty out-licensing deal with Amgen seems to further prove global pharma’s keen interest in the Korean ADC leader’s technology, said to be differentiated with safer margins.