Max Planck spinout Quench Bio will wind down after its target proved undruggable and will return capital to investors, which include AbbVie Ventures.

Astellas Venture Management is among the new investors in the cancer immunotherapy developer, which was spun off by PhoreMost four years ago.

Quench Bio will wind down after its protein target proved undruggable and will return capital to investors including AbbVie Ventures.

The Kaiser Permanente-backed healthcare engagement platform developer pushed its overall funding past $350m and its valuation to $3.2bn.

The pharmaceutical firm is joining forces with China International Capital Corporation, the investment bank with which it launched a $1bn fund in 2019.

Kakao Ventures and SK Holdings have returned to back the AI and data-infused drug discovery technology provider in a $44.5m round.

Ascension Ventures has closed its fifth fund at $285m with the backing of 13 health systems.

Ant Group has co-led a $154m round for the medical payments technology provider, which came a year after a China Re-backed series A-plus.

Nationwide Insurance has backed a series E round for Beam that increased the dental insurer’s total funding to $160m.

Ping An and Alphabet-backed health insurer Oscar priced an upsized offering above its range to raise $1.44bn. The offering is part of the broader health space, which has seen many exits in the past years.