While Intercept is calling it quits in NASH with its FXR agonist obeticholic acid following a second complete response letter, other companies are staying the course with Phase II molecules in the class.

Around the turn of the year, four Chinese biotechs including Kelun Biotech and BioRay ramped up funding with deals worth more than $100m, at a time when overall investment sentiment in the sector remains gloomy.

Private Company Edition: While Coya Therapeutics raised $15.25m in the final initial public offering in the US last year, Apnimed stayed private raising $80m in a series C extension and Metagenomi extended its series B by $100m to total $275m.

Autumn has brought a flurry of personnel changes with Kyowa FujiFilm getting a new president and AZ a new executive vice president for the international region. Fosun and the medtech firm, Median Technologies, have also seen personnel movement.