Forte Biosciences’ attempts to use a new approach to treating inflammatory skin disease using a topical live biotherapeutic, FB-401, have come to a crashing halt at Phase II. Where the company goes next remains to be seen.

Former Novartis CEO Jimenez co-founded Aditum with former NIBR president Mark Fishman; they raised $133m and are launching Tempero Bio. Also, Atea, Galecto and SQZ went public along with one more health care SPAC, Royalty Pharma upped its Vertex royalty revenues and Mirati’s FOPO raised $926.3m.

Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Dealmaking column is a survey of recent health care transactions listed by relevant industry segment – In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type – Acquisition, Alliance, or Financing. This month’s column covers deals announced in February 2016.

The success of transcatheter aortic valve replacement has generated optimism that the much larger pool of mitral regurgitation patients can be similarly served. While big strategics bet on replacement, however, other companies are betting on repair, developing less invasive devices inspired by an array of established mitral valve surgical repair techniques.