Failure of pherine nasal spray candidate in first of two Phase III trials for social anxiety disorder puts program in doubt, while the California biotech’s share price craters.

Public Company Edition: Initial public offerings may take a holiday break, but 2020 already has been a remarkable year for IPOs in the US and China. Also, Arvinas led the latest follow-ons with a $400m offering followed by TG Therapeutics with a $275m stock sale.

Also, deals involving Immunomic, Replicate, Biocon, DKSH, Genor, G1, Daiichi Sankyo, Esperion, Alteogen, Gelesis, China Medical System Holdings, Sosei and EverInsight.

Focused on precision medicine for renal disease, Chinook gets Aduro’s Nasdaq listing and starting capital of $200m. During a wave of modest-sized M&A deals, Tetra finds buyer, Tetraphase gets competing bids.