Licensing deals and partnerships carried the day during another hectic J.P. Morgan Healthcare Conference. Pfizer racked up its third deal of the week in a cancer collaboration with Dren Bio.

German biotech could realize more than $2bn in earnouts under pact with Roivant. Galmed teams with MyBiotics in attempt to optimize clinical response to its Phase III NASH candidate Aramchol.

Public Company Edition: June has seen 14 initial public offerings by drug developers (and one big biopharma funder) after there were only 15 from January through May – and the month isn’t over yet. Follow-on and other offerings also are hitting the market at a rapid pace.

Private Company Edition: VC deals fell short of the record-breaking level seen in 2018 and financings may slow a bit more in 2020. Also, UPMC and Frazier close new VC funds, and Emendo raises $61m for gene-editing platform.