The deal worth up to $576m gives Merck what Calporta founding investor Avalon believes is the most advanced program targeting TRPML1, a lysosomal ion channel implicated in neurodegenerative diseases when the lysosome stops clearing debris from cells.

Lupin plans to invest in acquisitions and organic growth in the US and India after selling Japanese subsidiary Kyowa Pharma for an enterprise value of around $525m to Japan private equity group Unison Capital. But the Indian firm stresses it is not exiting Japan and will continue to look for marketing partnerships.

Samsung Bioepis and Biogen have agreed a marketing deal for ‘next generation’ biosimilars aflibercept and ranibizumab in the US, Canada, Europe, Japan and Australia, as well as providing an option for Biogen to extend its existing deal to market anti-TNF biosimilars adalimumab, etanercept and infliximab in Europe and adding a further option for rights to sell these three biosimilars in China.