Public Company Edition: As their stock prices plummet, Adagio reshuffles its research plan and names a new CEO, while Yumanity restructures and seeks strategic alternatives. Also, Bristol sells $6bn worth of notes, Amgen issues $750m green bond, and Inhibrx and Amryt amend and refinance debt.

Public Company Edition: Initial public offerings may take a holiday break, but 2020 already has been a remarkable year for IPOs in the US and China. Also, Arvinas led the latest follow-ons with a $400m offering followed by TG Therapeutics with a $275m stock sale.

Yumanity goes public by merging with Proteostasis; it is accelerating its Parkinson’s program because of mouse model data showing disease-modifying potential. Proteostasis will out-license its CF assets.

Next-generation CFTR corrector elexacaftor aims to be first cystic fibrosis product with minimal function mutations claim after winning out over VX-659 thanks to tolerability advantage in dueling Phase III programs testing combination with the components of Vertex’ Symdeko.