Public Company Edition: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.

Private Company Edition: ReCode’s series B venture capital round grew for a third time, now totaling $260m for precision genetic medicines. Also, DalCor closed an $80m series D, manufacturer Nephron amassed $350m, Hyku launched with a $56m seed financing and Magnet emerged with $50m.

With a strong late-stage anti-inflammatory molecule in its pipeline, the challenge for Abivax is to garner the funds to take its obefazimod program forward. To that end, the company is continuing to do a major overhaul of personnel and is sharpening its corporate vision.

The major’s attempt to break into Crohn’s disease and ulcerative colitis has been cut short as a highly competitive market and pipeline, intensified by the entrance of biosimilars, renders further development of brazikumab impractical.