During Q4, biopharma merger and acquisition value reached $35.7bn and drew in $62.1bn in potential deal value from alliances. Device company M&A values reached $19.2bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $4.8bn.

Cipla set to hold 10.35% in biotech Ethris, which is progressing inhaled mRNA-based therapies, among other key assets. The Indian firm expects its next wave of growth to come from areas like biosimilars and mRNA alongside lung leadership aspirations, putting the spotlight on the broader direction of the deal.

The two companies signed a development and commercialization deal with a $200m upfront payment and milestones of up to $4.3bn.

Shuttle Pharmaceuticals and PaxMedica launch two small initial public offerings in the US as the market awaits a significant IPO. Also, Assertio closed a $70m follow-on offering, Codiak restructures and cuts jobs, and Vilya emerges with $50m in series A venture capital.