Public Company Edition: Galderma proposed pricing for its $2.6bn Swiss public market debut. Also, Apogee and Akero lead follow-on offerings with $483m and $366.9m, respectively, and Lexicon’s private placement brings in $250m, while Spruce reveals a 21% workforce reduction.

The privately held company announced data at AAD showing high PASI 75 rates in both a randomized Phase II trial and an open-label extension study.

Ventyx’s TYK2 inhibitor met primary and secondary endpoints in a Phase II psoriasis trial, but the biotech determined the data are not competitive in a class led by Bristol’s Sotyktu.

Tricky drug development challenges have held back the NLRP3 inhibitor field for decades but Ventus and its many rivals believe the class can deliver on its huge potential, from Parkinson’s disease to NASH and arthritis.