Aspen Neuroscience, Pandion and iTeos raised $70m, $80m and $125m, respectively. Also, Glide Healthcare closed a €416m ($450m) fund; ElevateBio, Kallyope and SutroVax reveal VC mega-rounds; and Dragonfly adds new funding to its partnering proceeds. 

Biopharma companies closed out 2016 with $9.6 billion in financing, the strongest quarter of the year. M&A deals reached $12.2 billion in value, led by Lonza's takeover of Capsugel; most of the fourth quarter's largest partnerships were built around innovative platforms in antibodies, peptides and gene therapy.

A review of biopharma start-up dealmaking and financing from October through December 2016, based on data from Strategic Transactions.

In this tale of two companies, it's the best of times and the best of times. J&J gets immediate value by acquiring Actelion's blockbuster PAH franchise and its late-stage pipeline, while its stake in an Actelion spinout offers longer-term potential.