Biopharma financing in Q3 2013 totaled $4.6 billion, a 58% drop from the second quarter; Perrigo’s $8.3 billion acquisition of Elan made up more than half of the M&A dollar value; and marketed products made up the majority of licensed products.

Vree Health, one of the independent subsidiaries Merck is fostering through its innovation ventures initiative, is moving into commercial phase, as it builds a business model that focuses on helping providers meet key goals of health care reform: higher quality and more cost-effective patient care.

As survey respondents broadly expect venture capital activity to wane in the coming years, are Google and their like pointing to the next way of financing life sciences innovation? Plus news on recent financings by Civitas Therapeutics, DRI Capital, Five Prime Therapeutics and Cubist Pharmaceuticals.