Cambridge-based biotech Bicycle Therapeutics has appointed Andy Sandham as non-executive chairman. Mr Sandham held previous roles at Cantab Pharmaceuticals, Hexagen, Signature BioScience and Ionix Pharmaceutials, and continues to serve as chairman and CEO of Kymab and non-executive director of NeurAxon and PBL.

A £20 million series A equity financing by The Wellcome Trust's investment division has given Kymab, a spin-out from the Trust's Sanger Institute in Cambridge, UK, the financial means to "build a substantial biopharmaceutical enterprise over the next decade", said chairman and CEO Andrew Sandham.

Europe's summertime flurry of private biotech sell-offs points to growing pragmatism among management and VCs, and still-poor valuations on the public markets. Firms which haven't already considered the trade sale opportunity should do so--even early-stage, pre-product platform groups.

Europe's investment environment has forced much of the biotech sector to morph into specialty pharma. The situation isn't likely to change fast. Executives had best adapt, rather than complain.