Orsobio Inc. has closed an oversubscribed $67 million series B financing, the proceeds of which will be used to accelerate development of its mitochondrial protonophore portfolio for the treatment of obesity and associated metabolic disorders.

Candid Therapeutics Inc. launched with ex-China control of two bispecific T-cell engager antibodies that it plans to develop for autoimmune diseases. The San Diego-based company will start off with a pocketful of cash, having raised over $370 million for the development of the in-licensed candidates.

Biopharma financing activity surged in the first eight months of 2024, reaching $77.5 billion, a 91.25% increase from the $40.52 billion raised during the same period in 2023. August saw a slight dip in funding, with $3.48 billion raised compared to $3.71 billion in July.

On news that drove shares up by 36% on Sept. 3, San Carlos, Calif.-based Vaxcyte Inc. priced a $1.3 billion follow-on offering a day later. It is the fourth highest amount raised through a follow-on offering of shares in BioWorld’s records, as well as the second largest financing of all types for 2024, behind New York-based Pfizer Inc.’s $3.1 billion global sale of shares in March.