Many of the same factors that held down large M&A transactions in 2021 carried over to 2022, which saw eight buyouts valued at $2bn+, headlined by Amgen’s $27.8bn purchase of Horizon.

Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.

New fund will include some later-stage investments in portfolio companies, in recognition of the currently tough environment for privately held biotechs.

US FDA closed out the month of April with two new molecular entity approvals that address underserved markets but carry some safety concerns.