The firms’ partnership goes back to pre-merger Celgene, and BMS still has Dragonfly candidates in its pipeline. Ji Xing gets hypertension candidate from Phase Bio.

Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.

Troubles are mounting for Clovis and its PARP inhibitor Rubraca, and now the company looks to be just months from bankruptcy.

Public Company Edition: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates.