Public Company Edition: PTC sold more of its Evrysdi royalties to Royalty Pharma for $1bn. Abivax gained $235.8m in an IPO and concurrent private placement, while Cerevel grossed $450m and Nuvalent and Ultragenyx raised $300m each in follow-on offerings, but Freeline is reviewing strategic options.

Restructuring Edition: FibroGen follows its clinical setback with a 32% reduction in force, cutting 104 jobs. Also, Amarin named a new CEO, but cut all US sales and 30% of non-sales US roles, and 9 Meters is headed for dissolution after Chapter 7 bankruptcy, while several others seek strategic alternatives.

MATTERHORN’s failure did not surprise analysts, but it’s likely the end of the road for roxadustat in the US market. The focus instead has shifted to FibroGen’s IPF asset pamrevlumab.

Evopoint and Kaken also ring in the new year with multiple deals. Biocytogen licenses antibodies against a specified target derived from its RenMice platform technology to Hansoh Pharma.