The Belgian biotech's president, Bart Filius, tells Scrip that exiting the metabolic disease and osteoarthritis space and focusing on inflammation makes sense to "bring a bit more balance in terms of risk into our portfolio."

The Belgian biotech has divested its drug discovery services unit in Croatia which was making a nice profit but was not a priority as Galapagos concentrates on setting up its commercial operations in Europe.

Olema launched this year’s 75^th US biopharma IPO. Also, investments in regenerative medicines reached a new high, Qiming closed a $1.2bn China-focused VC fund, D3 Bio led recent venture deals with a $200m round, and Bausch sold $2bn worth of notes to pay down near-term debts.

Former Medivation CEO David Hung launched stealthy oncology start-up Nuvation with $275m in series A venture capital, while Tenaya's series B brought in $92m for small molecules as well as cell and gene therapies to treat cardiovascular diseases.