The rare disease-focused firm will pay $90m up front to acquire Orphan Technologies and its Phase I/II enzyme replacement therapy for homocystinuria. Earnouts up to $427m are possible as well.

A couple of years after Ipsen returned the rights to an LRRK2 Parkinson's program, Oncodesign has bagged a new partner in Servier and stands to bank up to €320m if all goes well.

In tandem with Roivant, Cincinnati Children’s launches spinout Aruvant focused on hematologic disorders and separately teams with BridgeBio on genetic disease therapies. Roivant spinout Axovant licenses gene therapy candidates from University of Massachusetts.

With private equity interest in the health space booming, CVC has taken a controlling stake in Recordati for €3.03bn, at a sharp discount to the Italian company’s share price.