Mind Medicine’s LSD product MM120 will move into Phase III in the second half of 2024 after it showed efficacy in generalized anxiety disorder out to 12 weeks with a single administration in Phase IIb. 

Novartis revealed detailed terms and a 4 October spin-off date for Sandoz’s standalone debut. Also, MIRA launched a small IPO, but two firms plan to go public in SPAC mergers. Also, Mirati’s $345m offering leads follow-ons offerings and Sangon Biotech raised $290m in venture capital.

Novel psychiatric drug has missed its Phase III efficacy endpoint in two Phase III trials, posing a potential blow to the Japanese firms' alliance plans in schizophrenia, although development in other CNS indications looks set to continue. 

After not closing a deal this year on Seagen, Merck takes a smaller step with a $1.35bn bid for Imago and its candidate for multiple myeloproliferative neoplasm indications.