ARCH closed a $3bn VC fund to end the month of June while in the same week six public biopharma firms said they are cutting jobs. Even so, some publicly traded companies have been able to launch sizeable offerings, including a $450m note sale by Cytokinetics and Xenon’s $250m follow-on. 

Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.

Two days before flooding closed its Sturgis plant, Abbott announced it would import 1.1m pounds of powder formula to the US from its manufacturing facility in Spain.  

The company got FDA approval for the drug in Bardet-Biedl syndrome, on top of the existing approval from November 2020 in obesity due to POMC, PCSK1 and LEPR deficiency.