Private Company Edition: First quarter data again confirm fewer but larger VC rounds in Q1. Big Q2 rounds include a $132.5m series C round for Endeavor Biomedicines, a $103m series A round for Reunion Neuroscience and Enlaza’s $100m series A.

Public Company Edition: Cullinan and Cidara shifted their strategic directions and found investors to bring along for the ride. Also, Intra-Cellular closed a post-Phase III $575m follow-on offering and Tarsus accessed up to $200m from Pharmakon.

First clinical data from Synthekine’s IL-2 candidate and that ofrivalsMedicennawere presented at the AACR, suggesting there’s life in the modality yet.

The $16.5bn deal, intended to increase Novo Nordisk’s production of semaglutide-containing products, led a $36bn-plus quarter for M&A transactions, according to Evaluate.