The Danish diabetes titan teams with Moderna’s founder on cardiometabolic R&D. Troubled cell therapy biotech Bone Therapeutics negotiates reverse merger with Medsenic.

Public Company Edition: Only nine drug developers went public in the US, raising $807m in the first quarter, versus 32 IPOs raising $5.2bn in Q1 of last year. Also, MoonLake closed its SPAC merger, Sanofi priced €650m in sustainability-linked bonds in €1.5bn note sale, and Kaleido will cease operations.

Orchard and Zealand are the latest European players to succumb to a financial pinch in the biotech sector, streamlining their pipelines and laying off staff to save on expenses. 

Saniona and Bone Therapeutics are the latest companies on the continent to be forced into drastic restructuring, shedding jobs and research projects to preserve rapidly dwindling cash piles.