Biopharma firms raised $6bn in the first quarter of 2024, the most of any quarter since Q2 2022. But without an increase in the number of companies raising funds, the rebound remains uneven.

Private Company Edition: After US-based Alumis and Sionna raised $259m and $182m, respectively, in series C rounds, Tubulis in Munich, Germany brought in €128m ($138.8m) in series B2 cash, while Rakuten – with offices in the US, Europe and Asia – closed a $119m series E round.

Innovent is paying the Danish biotech $20m upfront for the China rights to the mid-stage PDE4 inhibitor that is being developed for psoriasis, atopic dermatitis and hidradenitis suppurativa. 

A round up of COVID-19 developments, also including news on the EMA beginning a rolling review of Celltrion's antibody therapy, and progress for Novavax and Moderna in Japan.