Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.

The latest batch of new drug approvals in Japan includes several products receiving their first marketing clearances globally, notably a new oral competitor to a blockbuster ulcerative colitis drug and a high-need therapy for the rare disease ASMD.

RiKen gets $9.3m up front plus potential milestones and royalties for use of its aAVC technology, while retaining research rights to the platform. JW Pharmaceutical acquires Vietnam’s Euvipharm.

The pharma and biotech industries enjoyed their most productive year since the turn of the century in terms of number of novel products launched worldwide in 2018.