The third Paragon spinout, going public in a reverse-merger with ARCA, announced a concurrent $275m financing to help it develop optimized biologics as potential standards of care in psoriasis and psoriatic arthritis.

The fifth annual listing of In Vivo’s Rising Leaders includes entrepreneurs and innovators from across the world who represent the next wave of creativity in health care.

Public Company Edition: Galderma proposed pricing for its $2.6bn Swiss public market debut. Also, Apogee and Akero lead follow-on offerings with $483m and $366.9m, respectively, and Lexicon’s private placement brings in $250m, while Spruce reveals a 21% workforce reduction.

Roivant achieved its greatest-ever success in selling RVT-3101 to Roche for $7.1bn – but not all investors are yet convinced by its unorthodox business model, and will be watching how it re-invests its new windfall.