The company announced a reverse merger with Homology Medicines that will take the company public while also regaining full rights from Amgen to bempikibart for atopic dermatitis and alopecia areata.

Public Company Edition: PTC sold more of its Evrysdi royalties to Royalty Pharma for $1bn. Abivax gained $235.8m in an IPO and concurrent private placement, while Cerevel grossed $450m and Nuvalent and Ultragenyx raised $300m each in follow-on offerings, but Freeline is reviewing strategic options.

Private Company Edition: Iambic, formerly known as Entos, closed a $100m series B venture capital round to advance its AI-discovered therapeutics. Also, Evozyne raised $81m and Acesion brought in €45m in series B rounds, while Mogrify added $10m to bring its series A to $46m.

CEO Bill Anderson said that "the track record of the industry and late-stage acquisitions is really poor,” and Bayer was pursuing more preclinical and early-stage pacts instead.