Public Company Edition: Neumora grossed $250m and RayzeBio raised $311m in the first initial public offerings since early August. Also, ImmunityBio completes $470m in equity and debt financings, Bausch + Lomb sells $1.4bn worth of notes and Arbutus is among firms making cuts to conserve cash.

The once-daily oral somatostatin receptor type 2 (SST2) agonist outshined placebo in patients switching from standard of care, offering an attractive alternative to once-monthly injectables.

The company’s fresh cash will fund readouts for lead drug candidate ABC008 from a pivotal Phase II/III trial in inclusion body myositis and from Phase I/II studies in two other rare indications.

PTC Therapeutics’ CEO Matthew Klein says the uncertainties of gene therapy development and commercialization have led to huge opportunity costs. After shelving PTC’s preclinical gene therapy programs, he is leveraging the company's diverse platforms and expanding its commercial efforts.