After not closing a deal this year on Seagen, Merck takes a smaller step with a $1.35bn bid for Imago and its candidate for multiple myeloproliferative neoplasm indications.

Venture capital funding for biotechs remains aplenty even as listed companies’ stock prices drop. Biogen’s Papadopoulos, Fidelity’s Kaul and Gurnet’s and ex-Sanofi Viehbacher deliberate on whether there is a valuation disconnect and if this is the next "tulip mania."

In tandem with buying the rest of Kleo, Tonix licenses molecular degradation technology from Yale. Neurogene, University of Dundee partner on cell therapies for neurological disorders.