While COVID-19 shocked global financial markets and is expected to impact biopharma fundraising, investment in drug developers continues, including through two new venture capital funds totaling nearly $2bn. Also, Coherus issues debt to fund deals and MOMA launches with $86m in VC cash.

If Landos goes public late next year, its financing strategy will align with venture capital and IPO trends observed in a new Jefferies report. Also, D&D Pharmatech raises $137.1m in VC cash, Sonnet secures up to $100m and the CF Foundation commits up to $15m to Arcturus.

Sanofi returns two partnered assets to Voyager, further unraveling 2015 deal. Celgene drops Mereo cancer candidate ahead of merger with Bristol, while Ultragenyx and Arcturus expand their joint rare disease efforts.

The unexpected firing of Arcturus CEO Joseph Payne kicked off a bitter public battle for control of the RNA therapeutics firm after a reverse merger with Alcobra in November. The dispute now settled, the new board has reinstated Payne at Arcturus' helm.