Only 25 more initial public offerings are needed for 2021 to beat 2020’s record-breaking 86 IPOs. However, the average return for this year’s offerings is just 1.1% as of 1 July versus 11% at the end of the first quarter.

Public Company Edition: Almost halfway through the year, initial public offerings equal nearly three-quarters of the 2020 total. Also, Pardes is one of four new SPAC mergers; HUTCHMED launched an IPO in Hong Kong; and Zentalis, Theravance and BioXcel launched follow-on offerings.

New company licenses obicetrapib from Amgen after previous companies’ setbacks in CETP class and works with FDA on a Phase III protocol. BMS buys protein-engineering specialist Forbius.

Gene-editing focused start-ups Beam Therapeutics, Gracell, Snipr Biome and Precision Biosciences raised a total of $310m in financings in February and March. For other recent venture funding deals...