During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.

The company, which has treatments in the clinic for CLN2 Batten disease and APOE4-associated Alzheimer’s disease, is developing AAV-mediated gene therapies designed for safer outcomes.

Lilly partners with Kumquat to discover small molecule IO drug. Kite, Appia Bio collaborate on allogeneic cell therapies. AstraZeneca and Regeneron pursue novel metabolic therapies targeting GPR75. Lexeo and Stelios merge to focus on gene therapies for rare cardiovascular indications.

The pain management company PainReformhas entered into its first major licence agreement by signing a deal withEncore Therapeutics, which gives the Israeli firm exclusive North American rights to Encore's post-surgical pain product, ETI-211, as well as the option to expand the agreement to other countries including Japan and the EU.