Public Company Edition: Several special purpose acquisition corporations have emerged, including various health care- and life science-focused SPACs. Also, Alvotech entered into a $965m refinancing agreement and Avidity grossed $461m in a follow-on offering, among other updates.

The group says INF904 can make billions in two highly competitive skin diseases, but this looks optimistic.

Public Company Edition: Verona Pharma arranged up to $400m in new debt and up to $250m in revenue-related financing ahead of its COPD drug launch. Also, Organon, Sobi and Pacira priced $1bn, $275.1m and $250m note sales, respectively. Marinus, Emergent and Ginkgo cut jobs.

As Astellas pivots through several candidates in an attempt to create its next blockbuster, a decision to terminate its only prospect in the core mitochondrial R&D area leaves very few other competitors in the market.