Following two workforce cuts in 2022, Finch said it will cut its staff by 95%, halting a Phase III study of lead recurrent C. diff candidate CP101 and seeking to maximize shareholder value.

Already partnered on antibody-drug conjugates and a Phase III breast cancer candidate, Merck could pay up to $9.3bn under its third pact in 2022 with Kelun. Eisai divests Fycompa to Catalyst.

The recent US approval of Ferring’s microbiome-targeting Rebyota is set to change the treatment landscape for recurrent Clostridioides difficile infection and could be the proving ground for this class of agents. Rebyota is the first microbiome-targeting treatment to reach the market, but several promising candidates for the same indication are waiting in the wings.

Management presented a strategy for establishing new blockbuster brands in migraine, RSV, inflammatory bowel disease, cancer and diabetes/obesity during an investor day.