The recent sale of Karuna to Bristol Myers Squibb for $14bn is "a great case study for our model and a hallmark of how we create value both clinically and financially," Bharatt Chowrira told analysts on PureTech's first-half business update.

Public Company Edition: Cullinan and Cidara shifted their strategic directions and found investors to bring along for the ride. Also, Intra-Cellular closed a post-Phase III $575m follow-on offering and Tarsus accessed up to $200m from Pharmakon.

Leaders of a new dermatology-focused biotech, which has launched with 14 development programs in its pipeline, explain the rationale behind the company creation and the ideal exit scenario.

Having adopted a similar model to set up Centessa, investment firm Medicxi is merging six of its portfolio companies to create an ambitious immuno-dermatology group.