Private Company Edition: Also, Catalio closed a $381m venture capital fund and OrbiMed’s SEC filings indicate it is in the process of raising $4.75bn across three new funds. Dianthus launched with $100m and Tubulis closed a $63m series B round.

Four Chinese RNA technology developers, including Rona Therapeutics and METiS Pharmaceuticals, have bagged the most proceeds in recent financing rounds in the country backed by venture capital and private equity funds.

After a brief lull in US initial public offerings, PainReform and three special purpose acquisition companies kicked off September’s IPOs. Also, Immunovant offering grossed $173.9m, Carlyle Group bought 5% stake in China’s Salubris and Erasca increased its series B to $236m. 

But Q4 was the third sequential quarter with a decrease in financing totals. A review of biopharma start-up dealmaking and financing activity from October through December 2017, based on data from Strategic Transactions.