While Lupin is “truly excited with the potential” ahead, the uncertainty around upcoming product launches paints a different financial picture.

Private Company Edition: Attovia will advance two anti-IL-31 programs with its $105m in series B funding, while ImmuNext secured $575m in a Royalty Pharma deal for its Sanofi-partnered drug. Also, Bluejay and Aardvark raised $182m and $85m, respectively, in series C rounds. 

The attraction of listing in the US for innovative companies is clear but the heads of the Swiss Biotech Association tell Scrip that start-ups should remember the advantages of playing at home and not waste too much energy and time on worrying about being on the NASDAQ.

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.