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.

Pharma groups must decide how best to invest their cash to generate the biggest returns, and while huge sums can be made with luck and good judgement, strategic missteps can have far-reaching consequences.

Outstanding Q1 growth in sales and profits have pleased the markets, and investors are now keen to hear more about AstraZeneca’s 2030 masterplan at its investor day next month.

The writing was on the wall for InDex after cobitolimod flopped for ulcerative colitis but that should soon been scrubbed off now a reverse-merger candidate has been identified to save the Stockholm-based biotech from liquidation.