News in the life sciences sector over the holiday period was peppered with clinical and regulatory failures at Acadia, Anthera, Opko and Cempra, and a drug pricing controversy from Biogen. Following underperformance in 2016 and with that sort of run-up, 2017 already looks likely to be another lost one.

Serial biotechnology entrepreneur Christoph Westphal, who co-founded companies such as Alnylam Pharmaceuticals and Verastem, now is backing a private firm that's raised $40m to develop a nutritional supplement to relieve muscle cramps.

Anthera Pharmaceuticals acquired Sollpura (liprotamase), a non-porcine pancreatic enzyme replacement therapy (PERT) with a long and troubled history in exocrine pancreatic insufficiency (EPI), from Eli Lilly for an undisclosed price.

Life science VCs are posting strong across-the-board returns, allowing some firms to raise new funds larger than their prior vehicles. Still, the contraction that began nearly five years ago continues to thwart other firms’ efforts to press on through hard times.