New VC deals include a $60m series C-1 round for DiCE Molecules a day before it filed paperwork to support a $100m IPO and a $100m financing for China’s IONOVA Life Science. Also, RenovoRx was the 84th company to go public in the US this year and ADC Therapeutics executed a $325m royalty deal. 

The number of drugs included on formulary exclusion lists in the US has surpassed more than 400 at the top three PBMs, representing dramatic growth from just five years ago. Express Scripts recently revealed its 2022 exclusions.

Lilly partners with Kumquat to discover small molecule IO drug. Kite, Appia Bio collaborate on allogeneic cell therapies. AstraZeneca and Regeneron pursue novel metabolic therapies targeting GPR75. Lexeo and Stelios merge to focus on gene therapies for rare cardiovascular indications.

Merck's new CEO Robert Davis talked about his vision for business development and how the company might use the $9bn gained from the spinout of Organon.