Days after buying Kymab, Sanofi partners with Israel’s Biond on IO candidate targeting ILT2. Gilead again tackles functional cure of hepatitis B in alliance with Vir.

Private Company Edition: The pre-J.P. Morgan Healthcare Conference financing news deluge during the first week of 2021 included several significant venture capital deals, including a $226m series B round for Affinivax, Ikena’s $120m series B round and an $88m series A round for Aro.

For health-care providers and medtech manufacturers alike, the decade ahead will require a coming to terms with digital technologies and integrating new methods of payment. Quality of service delivery remains the market-entry criterion, but companies will have to adapt to evolving health-care models. The stakes are high. Will manufacturers be able to capitalize on the changes in a market that is more competitive and unpredictable than ever?

BioNTech's $150m offering, after a prior large venture capital financing, gives it the third-largest market cap for a newly public drug developer in the US. Also, Innovent raises $300m in Hong Kong offering, Heron leads US follow-ons and Five Prime restructures to save $20m annually.