Deal Snapshot: The Spanish company is linking up with US biotech Eloxx to get hold of an asset that will be its first in the rare dermatological disease space.

Restructuring Edition: Kronos restructured and cut 19% of its workforce in November and now will cut 21% of its remaining jobs. Also, Gritstone cut 40% of its workforce after missing out on an expected external funding payment and Kineta implemented a 64% workforce reduction.

Pivotal data on the oral BTK inhibitor could enable Novartis to maintain its hold on the urticaria market.

Public Company Edition: CG Oncology grossed $380m in the first biopharma IPO in the US in 2024. Follow-on offerings have been robust recently, with Edgewise and Immatics grossing $240m and $175m, respectively.