Funding for UK biotechs shrank again last year but sector leaders see hope of green shoots in 2024.

Public Company Edition: Apogee grossed $300m and Sagimet raised $85m in the biggest initial public offerings in the US since Acelyrin’s $540m IPO in May. Also, Bausch entered into a $600m funding facility with KKR, Bicycle raised $200m in a FOPO and Caribou garnered $150m from an offering and Pfizer.

Through partnerships with Bicycle and Metagenomi, Ionis is working on new chemistries and novel medicines. It is also expanding manufacturing capacity to enable its scientific growth.

Sales of the blockbuster Factor Xa blood thinner Xarelto declined more steeply than was expected but Bayer’s second biggest seller Eylea is still performing well.