The pipeline of acne therapeutics is packed with possibilities, but of four candidates to report data so far this year, only one was successful – Allergan's and Paratek's sarecycline, which may be a better antibiotic option, but doesn't give dermatologists a much-needed new mechanism of action.

A review of biopharma start-up dealmaking and financing from October through December 2016, based on data from Strategic Transactions.

ADC Therapeutics and Unity Biotechnology close $100m-plus VC rounds, while Carrick comes close with a $95m debut. Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Venture Funding Deals column provides a comprehensive monthly review of emerging biopharmaceutical companies that have received venture funding. This month’s column covers deals announced in September and October 2016.

Third Rock closed a $616m venture capital fund, exceeding the firm’s goal of $600m to fund newly formed biopharma companies, following Sofinnova and others with new VC and debt funds for early- to mid-stage life science companies. Also, five drug developers raised $256m in new VC cash.