After a slow start marked by product withdrawals and toxicity, recent deal-making activity has brought antibody-drug conjugates back from obscurity. But what has changed?

European biotechs are likely to be the big winner as transatlantic VC Abingworth closes its latest fund, Abingworth Ventures VII (ABV VII), at $315m, exceeding its $300m target.

The German pharma signs collaboration to develop and commercialize larotrectinib and a follow-on, under a structure that enables Loxo to co-promote in the US and build commercial infrastructure.

The big biotech takes options on preclinical Tyk2 and STING programs. REGENXBIO drops out of the bidding for Dimension, ceding to Ultragenyx, and Eisai licenses four drugs to Uruguay’s Grupo Biotoscana.