If finally fully approved in its first indication, the HGF gene therapy could become a first-in-class therapy for PAD - but only after years of challenges in clinical trials.

Public Company Edition: Alumis grosses $250m after it planned to raise up to $317.7m in its IPO. Also, Zealand adds $1bn in a post-data offering, Tectonic and Eliem close $130.7m and $120m private placements to support recent mergers, and Ginkgo cuts 35% of its workforce.

Plus transactions involving ANI/Alimera, Gilead/ashibio, Sanofi/Belharra and more.

After the Phase III failure of xevinapant, the German group will need to cut deals and do better in a rare cancer if it is to turn its fortunes around.