The $9.7bn acquisition hinges on the small interfering RNA inclisiran, but an ongoing cardiovascular outcomes trial, manufacturing hurdles, and reimbursement challenges provide subjects for concern.

Biopharma financing decreased by 29% in the first quarter of 2017; conversely, M&As set a record, reaching $61.9 billion. The largest alliance of the quarter involved the microbiome.

Biscayne and Japanese CRO SNBL create spin-outs to advance programs; liver disease specialist Ascletis gains funds as it shifts away from HCV; Neon gets $100m to put into its cancer vaccines; and other highlights of recent VC funding.

The dealmaking column is a survey of recent transactions, including strategic alliances, mergers & acquisitions, and financings, in the life sciences industries. Deals are listed by the following industry sectors: in vitro diagnostics, pharmaceuticals, medical devices, and research/analytical instrumentation and reagents. All transactions are excerpted from Elsevier's Strategic Transactions.