Mer­ck buys a fledg­ling neu­rode­gen­er­a­tive biotech spawned by an old GSK dis­cov­ery al­liance. What’s up with that?

Aval­on Ven­tures chief Jay Lichter has a well-known yen for drug de­vel­op­ment pro­grams picked up in acad­e­mia. And what he found in Haox­ing Xu’s lab …

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