Restructuring Edition: OrbiMed/Foresite and Concentra responded quickly after Theseus implemented a 72% workforce reduction and began a search for strategic alternatives despite having $225.4m in cash. REGENXBIO, Novavax and Lyell also revealed job cuts despite large cash stockpiles.

By agreeing to pay $7.3bn for Reata and its Friedrich’s ataxia drug Skyclarys, “recalibrating” Biogen can be more patient with launches of Alzheimer’s drug Leqembi and ALS therapy Qalsody.

Just nine drug developers went public in the US during the first quarter of last year, but with the industry boosted by pandemic response, 32 biopharma companies launched IPOs in Q1 of this year.