Japan adds a batch of new drugs, including Wegovy, to the national health insurance reimbursement tariff, but discussions over Leqembi for Alzheimer’s are still ongoing, with indications that repricing could be possible if demand expands quickly.

Public Company Edition: CARGO Therapeutics grossed $281.3m, giving it the fifth-largest biopharma IPO this year. Also, Alkermes completed its cancer business spinout as Mural Oncology, which launched with $275m, and Xencor sold Ultomiris and Monjuvi royalties for $215m.

Private Company Edition: Revelation Partners amassed $608m, Bioluminescence Ventures emerged with $477m and Abingworth raised $356m for late-stage programs. In recent financings, MapLight closed a $225m series C round while Triveni launched with $92m and Gate garnered $60m in series A rounds.

Jemperli has struggled to gain a presence in cancer immunotherapy so far, but GSK believes the PD-1 therapy can hold its own against Merck & Co’s mega-blockbuster Keytruda in a few key areas.