The company, in the midst of a leadership and structural transition, said the pandemic negatively impacted revenues by about $600m.

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.