Shionogi licenses hearing loss treatments in deal up to €400M: The Japan-based pharma company paid Cilcare €15 million ($16.1 million) upfront for the option to license two preclinical hearing loss candidates CIL001 and CIL003, both of which Cilcare had in-licensed from Sanofi. The deal is worth up to €400 million ($429 million) plus royalties. — Lei Lei Wu
Alvotech’s refinancing deal: The Icelandic biotech, which develops biosimilars, said last week that the agreement includes a loan facility of up to $965 million, to be handed out in two tranches. The financing was led by GoldenTree Asset Management; other institutional investors also participated. — Jaimy Lee