Ultragenyx already has a sales team in place to market its second commercial drug Crysvita (burosumab) – partnered with Kyowa Hakko Kirin – following its April 17 FDA approval for the treatment of pediatric and adult patients with x-linked hypophosphatemia (XLH).

Rigel has its first US FDA approval for Tavalisse (fostamatinib) and plans to launch the drug for adults with immune thrombocytopenia (ITP) in late May, after working on the drug's development for more than a decade across multiple indications.

Pharma and biotech companies raised $4.6bn in the first quarter, exceeding the 2017 quarterly average by $1.4bn. But while the money invested soared, the number of companies funded sank. In public financings, MorphoSys commences US IPO and Mylan sells $1.5bn in notes.

As pharma invests its bounty from last year's tax reform in stock buybacks, capital improvements and other investments, Sen. Cory Booker issues a report suggesting companies should lower drug prices instead, but does not offer recommendations for how that might be done.

AbbVie's JAK1 inhibitor upadacitinib bested the company's blockbuster Humira in the largest and longest trial to date – on both efficacy and safety – perhaps alleviating concerns about cardiovascular events.

Hua, already considering an IPO in Hong Kong for up to $400m, closed concurrent VC rounds that will fund its late-stage diabetes program in China, but it may still need to go public to enter other markets. Also, Heron raised cash for its next commercial product, among other public company financings.