Private Company Edition: Regeneron launched a $500m venture fund and Canaan added $100m, bringing the venture firm’s recent total to $1bn-plus. Also, incubators plan to grow over the next decade and in recent financings Avenzo raised $150m and Nvelop launched with $100m.

The acquisition brings two potential best-in-class cancer therapies, which could make Nuvation a commercial company as soon as 2025.

Private Company Edition: FogPharma raised $145m for its clinical-stage drug and earlier programs after bringing on former Johnson & Johnson R&D head Mathai Mammen as CEO last year. Also, BlossomHill closed a $100m series B round and Kenai emerged with $82m in series A cash.

China's Zai Lab and Everest are still pursuing profitability on the commercialization of in-licensed assets, while BioNova and others have already bowed out of the game.