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Good morning. Elizabeth Cooney here again, pinch-hitting for Ed Silverman. Although he sometimes makes his colleagues wonder if he ever sleeps, he does indeed take a vacation. Here are some news items to have with your morning coffee (choose your own adventure) on a holiday-shortened week this side of the pond (as Ed would say). …

The drug industry is experiencing one of the longest market downturns it has ever seen, and the effects are now reverberating down to privately held startups, leading to fear and fraught conversations between executives and venture capitalists and translating into real-world consequences, investors told STAT. Private companies that had been hoping to launch an IPO in a year or two are getting more desperate for financing.

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