Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.

The UK major is acquiring CinCor in a deal that could be worth up to $1.8bn, in return getting hold of its Phase II hypertension candidate, baxdrostat, which offers combination potential with Farxiga.

With subgroup analysis that it claims shows efficacy in non-Hispanics and success in a previous Phase II in treatment-resistant hypertension, CinCor plans to outline Phase III plans to FDA in early 2023.

The company plans to meet with the FDA before the end of the year to discuss the way forward, including a pivotal study it hopes to launch in 2023 in uncontrolled and resistant hypertension.