Private Company Edition: FogPharma raised $145m for its clinical-stage drug and earlier programs after bringing on former Johnson & Johnson R&D head Mathai Mammen as CEO last year. Also, BlossomHill closed a $100m series B round and Kenai emerged with $82m in series A cash.

Several innovation-based Korean bioventures, including GI Innovation, S.Biomedics and Curocell, have managed to launch IPOs in 2023 despite prolonged depressed market sentiment and tougher stock exchange rules.

Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a recent analysis of FDA approval decisions since 2021.

Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a Pink Sheet analysis of FDA approval decisions since 2021.