Matthew Dennis

With one of its out-licensed monoclonal antibodies already on the market — in the form of AstraZeneca's COVID-19 preventative — RQ Biotechnology's attention is now fully focused on internal efforts to tackle seasonal influenza and other respiratory viral diseases. And the UK-based biotech's mission got a filip on Wednesday with the closing of an oversubscribed $115 million series A financing.

Despite a spree of record-breaking raises this quarter, investor appetite for biotech IPOs is still unsated. Enthusiasm remained high as cardiovascular (CV) disease company Kardigan priced an upsized offering late on Wednesday, with that momentum carrying over to further lift the drugmaker's shares more than 37% on its first day of trading Thursday. Kardigan's public debut, which grossed $400 million, puts it tied at third with for biggest biotech IPO of the year.

Eli Lilly is expanding its R&D efforts in infectious diseases with the purchase of three vaccines companies — Curevo, LimmaTech Biologics and Vaccine Company — for a combined total of potentially more than $3.8 billion. "These acquisitions reflect a deliberate strategy to prevent disease at its source rather than treat its consequences," said Daniel Skovronsky, president of Lilly Research Laboratories.