Restructuring Edition: After reporting record revenue, but lower profits due to rising costs, Ferring has decided to consolidate R&D in Europe. Also, Codiak has filed for Chapter 11 bankruptcy and will sell off its assets, while Exicure, Applied Molecular Transport, Gamida Cell and others revealed new job cuts.

Public Company Edition: Direct Biologics, YishengBio and Estrella Biopharma will go public by merging with special purpose acquisition corporations. Also, Vir lands a government contract worth up to $1bn, Idorsia raises CHF164m ($167.4m) in a real estate deal and Adamis reviews alternatives.

After CEO David Loew declared again that Ipsen would be very active in the dealmaking space, Ipsen is paying $45m upfront to access two immuno-oncology candidates from Marengo and bagged an ERK inhibitor from AGV Discovery.

Ipsen CEO David Loew recently told Scrip that a return to more rational valuations for biotechs should led to more deals. The Epizyme acquisition could be the first of many by the French group this year.