Private Company Edition: The flood of venture capital into health care and life science firms continues with Perceptive closing a $1.1bn credit fund and Sanofi investing $50m in Jeito Capital. Also, Ambrx closed a $200m crossover round as biopharma remains on track for a record funding year.

Novartis has added an anti-osteoarthritic Nanobody, M6495, to its growing pipeline of candidates for the condition, in a €450m agreement with Merck KGaA that sees the latter deliver on its plans to find new homes for its osteoarthritis pipeline.

Private Company Edition: XtalPi raised $318.8m for its AI-based drug discovery platform and machine learning-enabled Flagship start-up Valo Health has brought in nearly $100m. XtalPi had one of three recent venture capital mega-rounds for China-based companies.

The German major is looking for a partner to advance its IL-17A/IL-17F nanobody sonelokinab for psoriasis but the search could be tricky given the strength of Novartis's Cosentyx and Eli Lilly's Taltz, while UCB's IL-17A and IL-17F inhibitor bimekizumab is likely to be approved soon.