Public Company Edition: Alumis grosses $250m after it planned to raise up to $317.7m in its IPO. Also, Zealand adds $1bn in a post-data offering, Tectonic and Eliem close $130.7m and $120m private placements to support recent mergers, and Ginkgo cuts 35% of its workforce.

Investors, advisors and companies that have raised cash recently insist funding is available and IPOs are possible for drug developers that can clearly outline future clinical milestones.

Advances in synthetic biology are moving biopharma closer to a world where treatments can be tailored while remaining cost-effective.

CEO Paul Hudson says that the French major will continue to progress early-stage cancer projects despite jettisoning some oncology programs in favor of reallocating much of its research budget to immunology.