Pharmaceutical company Acacia Pharma raises $23.5m series B financing led by Fidelity Biosciences and Novo A/S.

Biopharmaceutical company ObsEva signs deal with Merck Serono to develop its compounds for treating preterm labour, funded by $34.4m series A financing from Sofinnova Partners, Sofinnova Ventures and Novo A/S.

Announced earlier this week, the deal could be worth up to $500m for the Johns Hopkins University spin-out, but could ultimately bring in much higher returns for its new parent.

Vodafone Ventures Egypt has taken a 22.22% stake in online pharmacy Agzakhana.com.

A study of steady support for innovation.

Google Ventures leads series B funds for Rani Therapeutics, developer of technology for converting injectable drugs into pills.

Blue Cross Blue Shield subsidiary Navigny Holdings leads $20m series B funding for wellness platform Audax Health, already backed by Cigna and Cardinal Health.