Private Company Edition: TCGX raises $1bn for its second fund, Goldman Sachs’ first fund totals $650m and Panlin’s biopharma fund grows. Also, Apollo’s series C increases to $260m, Avistone closes a $140m series B, OnCusp raises a $100m series A and HI-Bio grabs $95m in series B cash.

Several innovation-based Korean bioventures, including GI Innovation, S.Biomedics and Curocell, have managed to launch IPOs in 2023 despite prolonged depressed market sentiment and tougher stock exchange rules.

The US firm’s potential rival to Horizon’s Tepezza, VRDN-001, showed positive signals in a small group of patients with chronic thyroid eye disease in a Phase I/II trial, but its decision to drop one planned dosing regimen from an upcoming pivotal trial has put off some analysts.

Buying Chinook will add a pair of late-stage programs to Novartis's IgAN portfolio which is currently headed by iptacopan but the proposed deal could attract the attention of the FTC.