Deal Snapshot: Set to begin a Phase II study that Alpine will complete, ALPN-101 is a dual inhibitor of CD28 and ICOS that may offer a new treatment option in SLE.

Public Company Edition: The usual mid-January surge in public offerings hasn't happened this year, since the SEC can't process new filings, but Alnylam, Acceleron and others apparently were prepared for a lengthy shutdown. Also, ARM reports cell and gene therapy financing data.

A review of biopharma start-up dealmaking and financing activity from April through June 2017, based on data from Strategic Transactions, showed that fundraising activity more than doubled compared with the first quarter.

Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Deal-making column is a survey of recent health care transactions listed by relevant industry segment – In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type – Acquisition, Alliance, or Financing. This month’s column covers deals announced in April 2017.