The French firm’s Onivyde has missed the mark in an advanced small-cell lung cancer Phase III trial, prompting the firm to tout the drug’s prospects in a large pancreatic cancer indication instead.

After CEO David Loew declared again that Ipsen would be very active in the dealmaking space, Ipsen is paying $45m upfront to access two immuno-oncology candidates from Marengo and bagged an ERK inhibitor from AGV Discovery.

Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.

Even with higher interest rates, some debt on the balance sheets of profitable biotechs is healthy. However, among loss-making biotechs and in the current environment, raising new debt has unhealthy connotations.