After a slow start marked by product withdrawals and toxicity, recent deal-making activity has brought antibody-drug conjugates back from obscurity. But what has changed?

Public Company Edition: The former Allergan CEO is taking a special purpose acquisition corporation public to generate $460m for deals in familiar biopharma niches. Also, IPOs are expected to keep up a robust pace in the fall and Albireo raises $160m on the success of its drug for pediatric liver diseases.

Takeda’s collaboration with the private UK biotech includes NASH and other liver disorders. Reliance will take on Amazon in the India pharmacy space with acquisition of Netmeds.

Elobixibat demonstrated ability to reduce LDL cholesterol but is being discontinued in NASH due to its unspectacular overall profile. The firm is staying focused on odevixibat, which could be best-in-class for pediatric liver indications, analysts say.