A catastrophic late-stage clinical failure wipes 60% off the group’s value – and boosts a rival. 

Public Company Edition: Private Galderma raised $1bn but said its next likely financing will be an IPO. Also, Azitra went public while Turnstone, Apogee and Sagimet initiated the process; Sutro signed a royalty deal for up to $390m; and despite a follow-on offering mini-surge, cost cuts continue.

The Swiss major should have a considerable first-to-market advantage over other IL-17 biologics from the likes of UCB and Acelyrin that are also targeting the hidradenitis suppurativa space.

The Swiss behemoth’s chief commercial officer Marie-France Tschudin tells Scrip that the firm will keep expanding Cosentyx into disease areas “that have been a little bit neglected.”