With the first Revlimid generics launching in 2022, Bristol Myers Squibb’s late-stage assets are key, but earlier programs will help fill the void as Opdivo and Eliquis lose exclusivity later in the decade.

Pharma’s latest partnerships focus on Duchenne muscular dystrophy with Precision Biosciences, protein degradation with Seed. Bristol and Schrodinger team in computational drug discovery.

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.

The average return for companies that went public in the US through the end of September was 49.4% as of 5 October. The fourth quarter started with three additional initial public offerings on 1 October.