Public Company Edition: Only nine drug developers went public in the US, raising $807m in the first quarter, versus 32 IPOs raising $5.2bn in Q1 of last year. Also, MoonLake closed its SPAC merger, Sanofi priced €650m in sustainability-linked bonds in €1.5bn note sale, and Kaleido will cease operations.

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.

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 three 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.