Chinese CAR-T therapy developer raises new funds to progress pipeline in over-subscribed IPO which ranks as the third-largest globally in the biotech sector to date this year.

Flagship, the investor behind COVID-19 success story Moderna, has raised a huge fund that will be used to create and develop its own companies before spinning them off.

Private Company Edition: Venture capital mega-rounds continue a brisk pace with machine learning-based drug discovery firm insitro and gene therapy developer Graphite Bio among recent $100m-plus deals. Also, Argobio raised €50m to fund five start-ups in Europe. 

Public Company Edition: Merging with a special purpose acquisition corporation may be an attractive alternative to an initial public offering, but February’s vigorous IPO pace includes seven recent offerings that raised $480.8m in the US. Also, Cassava raised $200m and KalVista brought in $222.5m.