VC deals totaled $8.3bn in the first half of 2019, but the year's total rose to just $11.5bn at the end of September, reflecting only a $3.2bn third quarter gain. Among recent financings, Cygnal emerged from stealth mode with $65m invested to date.

Skyhawk continues its recent spate of deal-making, using its SkyStar platform in a deal with Genentech, which also is looking into neurology with Convelo. AbbVie buys STING specialist Mavupharma, while Recordati pays Novartis $390m for Cushing’s products.

A review of tech transfer deals over 10 years shows that licensees often protect their value positions to limit royalties paid out to licensors. Meanwhile, licensors often protect their future rights with language recognizing that additional parties may be involved in producing a final product.

Canaan Partners-backed biotech will investigate the therapeutic potential of three-way junctions in folded RNA. UC Berkeley and Duke sign separate license agreements related to CRISPR gene-editing technology.