Lilly argues the overall trend is positive, although the second quarter was down. Trial successes with Verzenio, Trulicity, Jardiance and mirikizumab offer additional growth potential.

Daiichi Sankyo and AstraZeneca’s ambitions to expand the use of their HER-2 targeted antibody-drug conjugate product beyond breast cancer are looking realizable on the back of new results presented at ASCO, but toxicities remain an issue. 

Revolution has just one drug in the clinic, but its focus on KRAS excited IPO investors. Also, Deciphera’s $175m offering leads recent follow-ons and Spruce raises $88m in venture capital.

Public Company Edition: At the J.P. Morgan Healthcare Conference and Biotech Showcase it was noted that the US IPO market is likely to be less active in the second half of the year as election risk chills investment. Also, Apellis leads recent follow-on offerings.