California biotech also notes prior licensing deal with Gilead for mitochondrial candidate. Twentyeight-Seven acquires RNA-splicing cancer candidate from Basilea.

Mereo will reduce its headcount by 40% to focus on its lead programs while NeuBase revealed a 60% workforce reduction to extend its cash runway. Also, Invivyd (formerly Adagio), Greenlight and BioMarin announced job cuts, while Otonomy and others planned strategic shifts. 

The 14 biopharma firms that went public during the first half of the year generated a 25% average return, helped by an outlier whose value rose 585%. Excluding Belite Bio, the -18% return for the IPO class of 2022 is more representative of current market realities. 

Bausch Health is paying down its debt with a $630m IPO for its Bausch + Lomb eyecare product business.