Lilly paid $140m up front for an option to acquire Radionetics for $1bn within an undisclosed timeframe. The private firm is developing small molecule GPCR-targeted radiopharmaceuticals.

It has been a busy few weeks for Celltrion – a Korean approval for omalizumab biosimilar Omlyclo, three biosimilar supply contracts with France’s largest pharmaceutical procurement group, and new long-term data for subcutaneous infliximab.

Public Company Edition: Alumis grosses $250m after it planned to raise up to $317.7m in its IPO. Also, Zealand adds $1bn in a post-data offering, Tectonic and Eliem close $130.7m and $120m private placements to support recent mergers, and Ginkgo cuts 35% of its workforce.

One of the self-proclaimed frontrunners in the pembrolizumab biosimilar race, Formycon, has initiated the first clinical trial for its FYB206 candidate. Meanwhile, Celltrion submits a Phase III trial application to the FDA, expecting “limitless” sales potential for its CT-P51 version.