After feeling the heat from activist investor Farallon Capital Management earlier this year, CEO Michael Morrissey has defended its spending on in-house R&D and in-licensing as it announced a new oncology deal.

Private Company Edition: Fewer biotech companies raised venture capital in the second quarter, but the amount of capital raised was on par with the first quarter. Also, former BMS R&D exec Rupert Vessey joined Flagship Pioneering, two new VC funds emerged and Septerna raised a $150m series B round.

The Foundation for Sarcoidosis Research briefed US Congress on participation by Black patients in sarcoidosis and other rare disease trials. Also, the US FDA issued a draft guidance on psychedelic drug trials; Insilico is taking its AI-discovered IPF drug into Phase II; and Compugen and Jasper dosed patients in their oncology trials.

The Chinese biopharma industry is eager to use the latest artificial intelligence technology to boost efficiency and lighten workloads, as companies deal with drastic change and look to improve their understanding of foreign markets. Meanwhile, senior European leaders called for a level playing field during a recent visit to China.