Private Company Edition: Acelyrin will use its latest funding for Phase III development of izokibep in inflammatory diseases. Also, ArsenalBio raised $220m to take its programmable cell therapies into the clinic and RayzeBio’s $160m series D round will fund clinical trials for its radiopharmaceuticals. 

The German group is investing heavily in R&D and the continued strong performance of products like Spiriva and Pradaxa is helping to pay for future innovation.

Following in the wake of Merck & Co's acquisition of VelosBio, the German major is spending big to get hold of the Swiss oncology biotech NBE-Therapeutics which is also targeting the ROR1 protein.

The German pharma’s top business development execs explain how they balance IO and targeted cancer therapy in their portfolio, views on major M&A and how to make deals during a global pandemic.