Finance Watch: More Than $4.2bn Raised Across Four New VC Funds

Merck’s immuno-oncology blockbuster was the world’s best-selling drugs by revenues for the second year in a row, with an almost $12bn lead over its closest rival, Novo Nordisk’s GLP-1 drug Ozempic.

Private Company Edition: ARCH raised more than $3bn for its eighth fund, Frazier added $630m to its public fund that also can back crossover rounds, DCVC’s third biotech fund totaled $400m and Asabys raised €180m ($200m) for its second fund. Also, Aktis closed a $175m series B round.

BridgeBio spun out oncology assets in May to focus on rare diseases and now it has sliced off a few rare disease candidates for GondolaBio. Also, Avidity and Kymera closed follow-on offerings that grossed $345.1m and $225m, respectively, and Vandria extended its series A round to $30.7m.

Restructuring Edition: Lykos recruited a J&J veteran to help its slimmed-down staff resubmit its MDMA-based PTSD therapy. Also, Lexicon cut its field force by 50%, or 75 jobs; Viracta cut its solid tumor program and 23% of its workforce; and Boundless Bio streamlined with moderate job cuts.