The Mereo-partnered drug is in pivotal development for osteogenesis imperfecta. Ultragenyx also recently reported positive Phase III data for a rare disease gene therapy.

Private Company Edition: Regeneron launched a $500m venture fund and Canaan added $100m, bringing the venture firm’s recent total to $1bn-plus. Also, incubators plan to grow over the next decade and in recent financings Avenzo raised $150m and Nvelop launched with $100m.

The French major is paying up to $2.2bn to get access to Inhibrx’s alpha-1 antitrypsin deficiency candidate and to take a stake in the rest of the California-based biotech’s portfolio.

The promise of TIGIT as an oncology target in combination with PD-1/PD-L1 inhibitors has prompted an influx of investment into anti-TIGIT agents and five agents are already in advanced clinical trials. That initial enthusiasm has been dampened as of late, after disappointing Phase III data. Investors are hoping that 2023 will be the year that restores hope in the anti-TIGIT pipeline.