Public Company Edition: Eli Lilly & Co. wasted no time spinning out its animal health business Elanco, which raised $1.5bn in its public debut. Also, as the biopharma IPO tally rises, Vivo Capital launches a new public life science company fund. Meanwhile, Concordia completes its recapitalization.

Company gains worldwide rights to mid-stage therapy 177Lu-PSMA-617, which would compete with Bayer/Algeta's radiopharmaceutical Xofigo in metastatic castration-resistant prostate cancer.

Adopting an established endoscopic nasal grafting technique, researchers at Mass Eye and Ear have shown the ability to deliver a drug across the blood-brain barrier effectively and with reduced side effects. Their work could move rapidly into clinical testing in neurodegenerative diseases and could form the basis for delivering a wide range of existing drugs as well as new compounds whose development is predicated on use of the technique.

With 10 months of profit-and-loss data from its division into innovative and established product units, Pfizer will continue considering whether a spin-out into two separate companies offers shareholders the best value, CEO Read tells quarterly call. He also said tax-inversion remains a viable strategy for the pharma.