Public Company Edition: Summit initiated the big rights offering earlier this year as promised in December when it licensed Akeso’s PD-1/VEGF bispecific. Also, Teva sold $2.49bn in sustainability-linked notes to pay down debt, while MorphoSys, Novavax and others restructured and cut jobs.

Amgen secured a last-minute slot as a late-breaker study with Lumakras, appearing to give it the upper hand on rival Mirati once again.

Data presented during the weekend at WCLC for Lumakras with Keytruda or Tecentriq raised questions about elevated liver toxicity and a lackluster response rate.

Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.