Merck & Co. reached a deal to acquire the developer of targeted immune modulators for $1.85bn. Pandion CEO Kakkar talked to Scrip about the acquisition.

Amid the highly successful launch of COVID-19 vaccines using the technology by Pfizer/BioNTech and Moderna, South Korean bioventure OliX Pharmaceuticals is diversifying into the mRNA field by establishing a new subsidiary that focuses on R&D into new vaccines and therapeutics using the platform.

Relay raises $400m to kick off July’s second big week of US initial public offerings. Also, Ocumension and Immunotech launch Hong Kong IPOs, Amgen invests $421m in BeiGene’s $2.08bn offering, Cytokinetics gets up to $400m in deal and investment funding, and Imvax closes $111m series C round.

The performance of 29 biopharma firms that launched IPOs during the first half of 2020 is staggering compared with 28 drug developers that went public in the first half of 2019 with a 10% average return.