Chiesi may not be a big pharma giant but it is very good at spotting early-stage innovative projects and partnering with the likes of Moderna, Protalix and Bioasis to tackle respiratory and rare diseases, CEO Ugo Di Francesco tells Scrip.

Shares in Protalix sank more than 30% after the company received a complete response letter from US regulators for pegunigalsidase alfa for Fabry disease. No inspection of the company's manufacturing plant in Israel appears to be the main sticking point.

Public Company Edition: The Nasdaq Biotechnology Index appears to be in recovery from an earlier slide, but still has ground to make up. Also, Jazz sold $1.5bn worth of notes and Zai Lab closed an $823.9m follow-on offering.

Public Company Edition: Mergers with special purpose acquisition corporations may be heating up, but in addition to the Surrozen and Tango SPAC deals Recursion and Biomea launched initial public offerings. Also, Organon sells $5.6bn worth of notes to fund spinout from Merck & Co.