Private Company Edition: IPOs and M&A are returning money to investors, who are putting that money into new investments. Also, the mega-push in VC mega-rounds continues, including $105m for Kronos, and RA Capital raises it first VC fund.

The JAK1/2 inhibitor may add an indication for acute graft-versus-host disease, though based on a single, open-label Phase II trial that showed a 55% response rate in a high-mortality indication.

With Roche's oral spinal muscular atrophy therapy Evrysdi off to a strong start after its recent US launch, Novartis is switching its priorities for rival RNA-splicing drug branaplam and putting it into a Phase IIb trial for Huntington's disease.