Raising money will be difficult for the foreseeable future, so every part of the ecosystem from start-ups to public companies to VC firms is figuring out how to survive until cash is easily accessible again.

Public Company Edition: Eli Lilly & Co. wasted no time spinning out its animal health business Elanco, which raised $1.5bn in its public debut. Also, as the biopharma IPO tally rises, Vivo Capital launches a new public life science company fund. Meanwhile, Concordia completes its recapitalization.

Biopharma start-ups had a record-breading quarter in terms of fundraising. A review of biopharma start-up deal-making and financing activity from April through June 2018, based on data from Strategic Transactions.

Lilly confirmed that it will separate its Elanco animal health business from the rest of the company via an IPO, allowing Lilly to focus its resources on pharma growth driven by internal and acquired drugs.