The average return for companies that went public in the US through the end of September was 49.4% as of 5 October. The fourth quarter started with four additional initial public offerings on 1 October.

Public Company Edition: Outside the US, Zai Lab raised more in its recent Hong Kong initial public offering – $766.4m – than PMV, Prelude, Taysha, Graybug and Greenwich combined. Also, Gilead priced debt to fund its $21bn Immunomedics buy and ADC Therapeutics raised $204m.

The new collaboration announced 17 August is worth up to $475m in near-term upfront payments plus undisclosed milestone fees and royalties up to 24%.

Private Company Edition: Kymera said it will take up to three programs into the clinic by next year. Also, three new life science funds recently launched, including a Gates Foundation-backed accelerator for COVID-19 treatments, and Cell Medica reemerges as Kuur with new funding for CAR-NKT therapies.