A review of biopharma start-up dealmaking and financing activity from January through March 2020, based on data from Biomedtracker.

The two RNAi firms cross-license IP from their PH programs, while also partnering on a rare liver disease candidate. GSK invests $250m in Vir and will help to advance its antibody candidates for COVID-19.

Duo will study up to four novel preclinical targets identified by Sitryx that may lead to potential new drugs for autoimmune diseases, which Lilly would then commercialize.

Lilly is prepared to splash over $600m on an early development deal with ImmuNext on an immunometabolism target which ties the companies together for three years while an antibody is being developed.