Revlimid and Eliquis beat expectations in the first quarter, but the products have dwindling exclusivity, making new drugs the main focus for Bristol. So the company will reinvest cost savings in R&D.

Deal Snapshot: Ipsen committed up to $1.8bn in upfront and milestone fees to develop novel treatments for rare neurological diseases with Skyhawk’s RNA-targeting small molecule platform.

Public Company Edition: Pfizer’s stake in Haleon dropped from 32% to 22.6% with a massive sale of shares of the GSK consumer health spinout. Also, Galderma prices its Swiss IPO, Madrigal grosses $600m in a post-approval offering and bluebird secured up to $175m in debt.

Public Company Edition: Galderma proposed pricing for its $2.6bn Swiss public market debut. Also, Apogee and Akero lead follow-on offerings with $483m and $366.9m, respectively, and Lexicon’s private placement brings in $250m, while Spruce reveals a 21% workforce reduction.