Public Company Edition: Prometheus brought in $500m from a follow-on offering after reporting positive mid-stage results for its TL1A inhibitor. Even Novavax, struggling to make money from its COVID-19 vaccine, raised cash in dual offerings, but its valuation dropped significantly afterward.

Initial public offering momentum decelerated as stock prices declined last year, but even with lower valuations making M&A more attractive, the IPO market this year is expected to be active. 

French pharma makes $180m equity investment in Owkin under collaboration targeting four cancer types. Pyramid gets global license to MPS1 precision cancer candidate from Voronoi.

Public Company Edition: Instil Bio, Connect Biopharma, Finch Therapeutics, Gain Therapeutics and four heath care-focused SPACs launched initial public offerings; Endo raised $1.3bn via note sale; and Rubius Therapeutics, Solid Biosciences and others priced follow-on offerings.