A mix of mega-rounds and smaller seed financings show investment happening at both ends of the venture capital spectrum. In public company financings, Gilead prices $2bn note offering, Biogen secures $1.5bn for Reata deal, Inhibrx completes a $200m PIPE and the IPO market shows new signs of life.

With its first US study for a base-edited CAR-T therapy now back on track, Beam Therapeutics is gearing up to begin studies of its first in vivo candidate, BEAM-302, next year in AAT.

Belgian mRNA technologies firm Etherna, which is backed by high profile investors including former Bayer CEO Marijn Dekkers and Moderna co-founder Kenneth Chien, has reoriented its business model. Interim CEO Bernard Sagaert tells In Vivo how the firm hopes to deliver superior products for partners in the rapidly expanding RNA space.

During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.