China's Zai Lab and Everest are still pursuing profitability on the commercialization of in-licensed assets, while BioNova and others have already bowed out of the game.

Pipeline is concentrated around Phase II, but sponsors have a few chances to see how FDA handles its ‘foundational constructs’ for psychedelic drugs, led by Lykos’ pending NDA for PTSD and Compass Pathways’ Phase III synthetic psilocybin COMP360 for treatment-resistant depression.

Plus deals involving Abbisko/Merck & Co., Astellas/Phenomic AI, PRISM Biolab/Lilly and WuXi Biologics/Myricx.

Otsuka steps into the ocular gene therapy field through a technology licensing deal worth up to $1.5bn with ShapeTX, which in turn further expands the US firm's global reach following a $3bn collaboration with Roche.