Private Company Edition: Morphic raises $80m to take its first two integrin inhibitors into the clinic for fibrosis and inflammatory bowel disease. Also, Hillhouse has a new $10.6bn private equity fund for health care and other investments, and Atreca closes a $125m Series C.

New Jersey biotech Regado Biosciences raised $51 million in a Series E offering led by Russian investment group Rusnano. The money will be used to initiate a Phase III trial of its anticoagulant REG1.

The Dealmaking column is a survey of recent transactions, including strategic alliances, mergers & acquisitions, and financings, in the life sciences industries. Deals are listed by the following industry sectors: in vitro diagnostics, medical devices, pharmaceuticals, and research/analytical instrumentation and reagents. All transactions are excerpted from Elsevier's Strategic Transactions database, providing comprehensive transaction coverage from 1991 to the present.

AstraZeneca has done a good job of preparing investors for revenue declines due to its patent cliff, but Wall Street thinks the pharma will need to undertake significant M&A activity to remain viable.