Backed by Forbion and RA Capital, Navigator will focus on novel OX40-targeted therapies for autoimmune diseases, with a clinical candidate in-licensed from IMBiologics.

Private Company Edition: Venture capital investment has moved into a slower summer pace, or maybe just shifted to small- and medium-sized biopharma financings. In addition to Third Arc’s $165m series A round, Brenig raised a $65m series A and Confo’s series B totaled €60m ($65m).

Private Company Edition: J.P. Morgan raised more than $500m in its first venture fund and the Africa Health Security Investment Plan gained $2bn. Also, Marea launched with $190m, Iambic’s series B expanded to $150m, InduPro raised an $85m series A and Elion closed an $81m series B.

Rapport Therapeutics launched an initial public offering in the middle of a proposed price range, and the CNS-focused company closed slightly above its IPO price on its first day of trading.