In Q3, biopharma financing totaled $7.4 billion, a large proportion of which was by rare disease developers; among the highlights in the $23 billion in M&As was Allergan's buying spree, including two NASH companies. Just over $20 billion went into biopharma alliance dealmaking, and neurology assets attracted many of the dollars.

A review of biopharma start-up dealmaking and financing from July through September 2016, based on data from Strategic Transactions.

Among Europe’s flourishing niche of mid-sized pharmaceutical companies, Italy’s Recordati and Spain’s Almirall have snapped up smaller local companies during the past six to nine months, while Switzerland’s Actelion is concentrating on executing new product launches while considering M&A.

Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Venture Funding Deals column provides a comprehensive monthly review of emerging life science companies that have received venture funding, including companies within the In Vitro Diagnostics, Medical Devices, and Pharmaceuticals sectors. This month’s column covers deals announced May through June 2015.