ArsenalBio closed one of the largest VC rounds so far in 2024, raising $325m in series C funding, while Vaxcyte grossed $1.3bn in a follow-on offering. Also, Circle Pharma closed a $90m series D round and Jazz priced an $850m note sale, but IN8bio revealed a prioritization plan and job cuts.

The recent sale of Karuna to Bristol Myers Squibb for $14bn is "a great case study for our model and a hallmark of how we create value both clinically and financially," Bharatt Chowrira told analysts on PureTech's first-half business update.

July was an active month for deals between Chinese biopharma firms, as some looked to build their pipelines and others for partners to help commercialize products moving to market. Two ADCs, a GLP-1R/GIPR fusion protein and an IL-4Rα antibody were among the assets changing hands.

The Mereo-partnered drug is in pivotal development for osteogenesis imperfecta. Ultragenyx also recently reported positive Phase III data for a rare disease gene therapy.