Sanofi and Regeneron teamed up in a second major deal, focused on immuno-oncology; after an unsuccessful try at Mylan, Teva bought Allergan's generics business. Between June and July, biopharma companies raised over $10 billion, and device firms more than $1 billion.

Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Medical Device Deals Update column is a survey of recent medtech M&A, alliance, and financing activity. This month’s column covers deals announced June-July 2015.

If there is plenty of start-up capital in Europe, the problem is at the next financing stages, says Chris Evans, the founder and chairman of Merlin Biosciences. Not even a small fraction of the current start-ups will be able to raise their next round of funding. Merlin's hands-on venture investing will lead it to play the consolidator among Europe's start-ups.