The strategy for both funds is to back companies with a preclinical drug candidate that can be advanced through clinical proof-of-concept with a mid-sized series A round. 

Genentech will use the X-Chem platform to obtain leads against multiple oncology targets. Lilly partners with Merus on CD3-targeting T-cell therapy candidates.

Another failed study in Duchenne muscular dystrophy spells the end for edasalonexent and possibly the firm.

Public Company Edition: Grossing $276m, Gossamer would have been the third-largest biopharma IPO in the US if it had launched last year. Also, recent public company financings include debt and follow-on offerings; and two more firms cut jobs – Capricor and Seres.