The Danish group has cut 300 jobs to shift to an external innovation sourcing model that will make Leo more competitive in the dermatology space and help it break even this year, CEO Christophe Bourdon tells Scrip.

It does not look like the Norwegian biotech can recover from the discontinuation of its lead candidate, the lymphoma drug Betalutin, and the ‘for sale’ signs are likely to be erected soon as a strategic review gets underway.

Despite a seemingly sound mechanism and promising early data, the Swedish firm’s sole clinical asset has flunked a mid-stage prostate cancer trial, prompting a search for responsive subgroups.

Public Company Edition: Valuations have fallen enough in 2022 to lead some companies to wind down operations, but a recent uptick opened a window for a few offerings. Chinook raised $105m in a follow-on offering, while Flagship led a $79.2m registered direct offering for Evelo.