During Q2, biopharma merger and acquisition value reached $25.4bn and drew in $27.3bn in potential deal value from alliances. Device company M&A values reached $2.7bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $534.3m.

Rona hopes technology acquired from Sanofi will enhance its RNA capabilities in liver and non-liver indications. NeuroFront gets Greater China and Singapore rights to Novaremed’s neuropathic pain drug.

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.

The UK biotech looks to have reached the end of the road, despite some encouraging signs from its microbiome-based pipeline.