Plus deals involving ProQR/ Thea, Aeglea/Immedica, Ayala/Biolight, Quince/EryDel, ImmunoBiochem/ImmunoGen and GSK/LimmaTech, as well as deals in brief.

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.

Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a recent analysis of FDA approval decisions since 2021.

Aeglea looked to be company running out of time, but the reverse merger with Spyre Therapeutics and its TL1A-based inflammatory bowel disease assets could prove to be an inspired move.