The second half of 2022 saw a downturn in fundraising by venture capital firms, and panelists at BIO CEO said that could spell trouble in 2023.

Public Company Financings: Theravance sold its 85% interest in Trelegy royalties from GSK and Innoviva sold its 15% interest for up to $1.8bn in total. Also, ProKidney grossed $597m from its SPAC merger, Pliant raised $200m in a post-Phase IIa offering and Marinus earned $110m in a PRV sale.

The first close of a series C financing should enable InRhythm to enter Phase III as an inhalable anti-arrhythmic for paroxysmal atrial fibrillation in a medically supervised setting.

Scrip spoke with Managing Director Julie Sunderland about Biomatics' new $300m fund. Also, Silicon Valley Bank reveals its surprising Leerink buy, Perceptive Advisors raises $675m, Roivant brings in another $200m, and cell and gene therapy financings surge in the third quarter.