The French drugmaker has not abandoned oncology but has made it very clear that immunology and inflammation is the priority for its R&D euros.

Collaboration Edition: Including deals involving Evotec/Variant, Sanofi/IGM/Nurix, ABVC/OncoX and Harmony/Bioprojet, along with tech transfer agreements and deals in brief.

With all signs pointing towards a year ripe with partnering opportunities, four big pharma dealmakers reveal what they are looking for.

Public Company Edition: Arvinas grossed $350m in a private placement, while Xenon brought in $345m and Pharvaris raised $300m in follow-on public offerings. Fundraising remains challenging, however, so IGM Biosciences, Hansa Biopharma and other companies cut costs to save money.