Sanofi Pasteur head David Loew has been at the heart of the company's bids to develop vaccines for COVID-19 but has decided to accept a different challenge instead and take the helm at Ipsen.

Sales grew 9.6% at Ipsen in the first quarter, and the search for a new CEO is on track, but France’s specialty pharmaceutical company maintained its 2020 guidance suspension because of the uncertainty over the course of the COVID-19 pandemic.

The French drugmaker's current product portfolio is performing well but a €669m charge relating to the failure of palovarotene for the rare bone disease FOP blighted Ipsen's financials.

Blackstone raised $3.44bn of a $4.58bn life science fund, while HealthCare Royalty Partners raised $1.8bn and MVM closed a $325m fund. Also, 20 private drug developers raised $20m or more, but three public biopharma firms unveiled restructuring plans.