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.

Bayer invests $8m in medical dermatology specialist Azitra to advance development of OTC and cosmetic products harnessing the skin microbiome.

Private Company Edition: Venture capital invested in pharma and biotech in 2020 totaled $19.5m through Q3, just $400m below the full-year record total of $19.9bn in 2018. Also, Canaan and Catalio reveal new VC funds, while Talaris’s $115m series B leads recent financings.

Emerging Company Profile: Based on its founders’ research at Yale, Azitra is developing topical therapies to treat skin dysbiosis associated with chemotherapy as well as two approaches to atopic dermatitis.