Existing investor Novartis has committed to a $10m private placement alongside the IPO, in which the fibrosis therapy developer, based on UCSF research, is set to raise up to $96m.

A year after collecting $200m in series A funding, BGI gene sequencing spinoff MGI Tech has closed a $1bn series B round co-led by IDG Capital and CPE Capital.

Eli Lilly invested in AbCellera's series B round shortly after agreeing a research and collaboration licensing deal with the drug discovery technology provider.

Existing investor Novartis has committed to a $10m private placement alongside the IPO, in which the fibrosis therapy developer is set to raise up to $96m.

Axovant's seizure treatment spinoff has closed its series A round having received more than $133m in equity funding and $74.5m in project financing.

Eli Lilly, EMS, Takeda and ST Pharm are in line for exits after muscle disease therapy developer Avidity filed for a $100m initial public offering.

University of Michigan has become the latest academic institution to strike a $130m fund partnership with Deerfield Management.

The oncology diagnostics technology provider has filed to go public in the US, with Legend Holdings and Eli Lilly set to exit through the flotation.

UPMC's ID Connect has absorbed Merck & Co's Ilúm Health Solutions to boost its client base and services offering.

Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.