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.

Praxis hopes to initiate a Phase III later in 2023, but an analyst said it is unclear if regulators will align with the company on a proposed primary endpoint.

The French firm’s stagnant neuroscience franchise will be revamped through a new, strategic focus on RNA-based precision medicines for neurodegenerative diseases including both small- and large-molecule drugs, the company tells Scrip.

Investors, advisors and CEOs at the J.P. Morgan Healthcare Conference and Biotech Showcase were somewhat optimistic about fundraising this year, but noted certain companies may have to call it quits.