Silicon Valley Bank data show a pullback in crossover financings but an increase in seed and series A venture capital rounds. In recent private company financings, CRO Novotech raised $760m. In public company financings, Eleusis will merge with a SPAC and the Bausch + Lomb IPO is on file with the SEC.

The firm’s lead asset, reproxalap, one-upped Novartis’s Xiidra in a mid-stage ophthalmology study, signalling its first-line promise in a market ridden with compliance issues.

B+L’s novel therapy for a subset of dry eye disease hits both sign and symptom endpoints in the first of two Phase III studies. The product could add value to a planned spinout.

Deal with Pfizer makes for Theravance’s third large pharma partnership since 2016. AbbVie off-loads Marinol to India’s Alkem, Bausch licenses candidate for rare form of dry eye disease from Novaliq.