Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.

Public Company Edition: Mergers with special purpose acquisition corporations also continue to take companies public, with three new SPAC offerings in late 2021. Also, Xeris raised $30m in a private placement of stock to support its recently approved drug and Sirnaomics went public in Hong Kong.

Akebia brings in Cyclerion’s diabetes candidate praliciguat, plus deals involving Genmab/Bolt, Auris/Trasir, Zymergen/Lodo, Bavarian Nordic/Dynavax and more.

Although Bayer's radiopharmaceutical for prostate cancer Xofigo has proved a commercial disappointment, the Leverkusen-headquartered firm is keen to advance its pipeline of targeted alpha therapies, snapping up Noria and its subsidiary PSMA Therapeutics.