The third Paragon spinout, going public in a reverse-merger with ARCA, announced a concurrent $275m financing to help it develop optimized biologics as potential standards of care in psoriasis and psoriatic arthritis.

Roivant achieved its greatest-ever success in selling RVT-3101 to Roche for $7.1bn – but not all investors are yet convinced by its unorthodox business model, and will be watching how it re-invests its new windfall.

Using a 'de-risked business model' of targeting established drug categories with next-generation antibodies, Apogee is looking to take on Lilly’s lebrikizumab and Sanofi’s Dupixent.

Public Company Edition: Private Galderma raised $1bn but said its next likely financing will be an IPO. Also, Azitra went public while Turnstone, Apogee and Sagimet initiated the process; Sutro signed a royalty deal for up to $390m; and despite a follow-on offering mini-surge, cost cuts continue.