Public Company Edition: Five out of six drug developers and a CRO have seen their values spike immediately after going public this month. Also, Moderna floats a $500m offering, Revance proposes a $20m note sale, and Nestle invests another $200m in Aimmune.

Biohaven is still studying its glutamate modulator in three other indications, but its biggest near-term milestone will be approval of the oral CGRP inhibitor rimegepant for acute migraine.

Despite positive Phase III results in Lennox-Gastaut syndrome, the effect of the company’s low-dose fenfluramine on serious seizures may not be as good as seen with GW Pharma’s Epidiolex. 

Research and early development head Rupert Vessey, who had a similar role at Celgene, told Scrip that integration of the company’s pipeline into Bristol is nearly complete with few overlapping programs.

The company believes the PD-1 inhibitor’s recent declines will be reversed through new indications, providing revenue growth along with other new products by the time Revlimid faces generics in 2022.

The company will depend on Keytruda for growth after spinning out some franchises, but executives argued during its Q4 earnings call that there will be much more to Merck than the cancer blockbuster.