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.

ElevateBio closed a series D venture capital round and revealed a potentially multibillion-dollar deal between its Life Edit subsidiary and Novo Nordisk as demand for its cell and gene therapy capabilities grow.

The major’s antiviral has hit the mark in a late-stage study of CMV disease prevention in the post kidney transplant setting, triggering plans for a US filing to expand its indication from stem cell transplant patients.

Public Company Edition: MAIA launches a $10m initial public offering, the first in the US since May, but NewAmsterdam opts for the SPAC route to the stock market. Also, Legend raises $350m in a follow-on offering, Iveric obtains access to $250m in debt and Otonomy cuts costs after a Phase II failure.