Private Company Edition: The amount of venture capital investment in biopharma companies has shrunk from quarter to quarter, but the average deal size remained high until the third quarter. Larger rounds from Treeline, Odyssey and Neumora offset a plethora of smaller VC financings early in Q4. 

The COVID-19 pandemic drove huge shifts in clinical trial practice and the transformation is expected to continue even after the global health emergency abates. Industry leaders sharing their predictions around clinical development homed in on decentralized trials, digitization and data tools as key topics for 2022.

Private Company Edition: The industry raised $28bn in venture capital through the third quarter, breaking the record $27.4bn raised last year. Also, big pharmas backed a start-up lab in Israel, plus mega-rounds for CinCor Pharma ($143m) and Rectify Pharmaceuticals ($100m), while Cerecin raises $40m.

The former Cerecor boasts four pipeline assets that could yield US FDA priority review vouchers. Having divested CNS assets, the renamed firm will focus on IBD with first-in-class anti-LIGHT candidate, plus immunology and rare diseases.