Money may have become too tight to mention for many biotechs and the IPO window in Europe is not just shut but boarded up. However, big pharma’s need to replenish the pipeline has become urgent and the major players are looking to tap into the continent’s early-stage companies which are driving innovation and provide them with much-needed cash.

CEO Michael Engsig tells Scrip that his well-capitalized company has ambitious plans for US expansion and is looking to set up an autoimmune diseases arm to add to its oncology efforts.

The Swiss major gets around 3,000 proposals per year and has assembled a 120-strong team to sift through them and access the best science out there. Global head of pharma partnering James Sabry tells Scrip what Roche is looking for in a partner.

Public Company Edition: The last biopharma IPO in the US was on 17 February and none have been scheduled, so far, for March. Also, another SPAC merger is called off, Travere sells $275m worth of notes and Xeris secures $150m in new debt, while Ovid, Passage Bio and others are cutting jobs.