The path of spin-offs from loss-making biotech companies with weak investment propositions seems clouded with examples that often resulted in an appointment with the liquidator.

This week's roundup includes high-level appointments by Five Prime Therapeutics, Depomed and Gilead Sciences and board appointments by Verseon, Arix Bioscience, and Corbus Pharmaceuticals.

US Inhaled CNS drug biotech Alexza looks set to be acquired by Spain’s Ferrer, the licensee of its only marketed product Adasuve outside of the US, in an all-cash offer that includes contingent value rights.

Ocera Therapeutics, a clinical-stage biopharmaceutical company focused on acute and chronic orphan liver diseases, has promoted Michael Byrnes to chief financial officer. Mr Byrnes has served as vice president, finance at Ocera since June 2014. Prior to joining Ocera, Mr Byrnes held a variety of corporate finance and accounting roles, most recently serving as corporate controller of Maxygen.