Private Company Edition: Also, Medicxi’s new €200m fund will be reinvested in a portfolio of six life science companies and Silverback more than doubled its 2020 money with an $85m series C round.

The head of the German group's pharma BD team tells Scrip that Bayer has created a system which allows it to move quickly when sealing partnerships, as seen with the KaNDy buy on 11 August.

Bayer is paying $425m upfront to acquire KaNDy Therapeutics, whose CEO tells Scrip that the German group was always the preferred partner due to its long-standing commitment to women’s health.

Prospective partners will be impressed by data which shows that the UK company's once-daily oral treatment reduces hot flashes and night sweats and has also shown very rapid improvements in mood and sleep.