More than half of the complete response letters issued for applications holding breakthrough status have been issued since 2020, reflecting difficult – and often rancorous – efficacy debates.

Private Company Edition: More $100m-plus mega-rounds means another billion-dollar week for venture capital deals, including financings for G2 Bio, Hummingbird and Numab. Also, BioTheryX brings in $92m, Vedere launches with $77m and Eliem raises $60m two months after launching with $80m. 

The firms hope academic research can yield first-in-class therapies and spinout companies. Also, Yale unveils research alliances with three biotechs.

GlaxoSmithKline's market value has slipped in the past three years and the number of failures in the clinic have grown. The major's leadership will be casting nervous glances towards a major shareholder that has a reputation for aggressive restructuring calls.