US FDA hits firms in New Jersey, South Korea and China with warning letters. Meanwhile, Catalent and several outsourcing facilities work on Form 483 inspection findings as Mylan, Viona and Lohxa announce drug recalls.

Investment firm Francisco Partners will acquire IBM’s Watson Health’s data and analytics assets – including Micromedex, MarketScan, and Clinical Development – for an undisclosed price.

Silicon Valley Bank data show a pullback in crossover financings but an increase in seed and series A venture capital rounds. In recent private company financings, CRO Novotech raised $760m. In public company financings, Eleusis will merge with a SPAC and the Bausch + Lomb IPO is on file with the SEC.

New Zymeworks CEO Ken Galbraith is laying off at least 25% of the company's staff, including 50% of the senior management team, as the firm looks to advance pivotal trials of its HER2-targeted bispecific antibody zanidatamab.