Novartis and Access Industries were among the investors that bought $37.5m of the shares, which the cell therapy developer issued at a downgraded price.

The firm, formed by Astellas and MPM Capital two years ago, has secured $75m for a fund known as Rx Digital Fund, according to a securities filing.

The smoking cessation system developer has secured $25m in a round led by Johnson & Johnson Innovation – JJDC that included New York Life Ventures.

Nova University Lisbon has established chemicals producer Des Solutio with the support of Frontier IP, making it the second spinout launched in Portugal by the commercialisation firm.

Novo has returned for Milestone's latest round, having led its $55m series C last year, helping the cardiovascular drug developer's total funding to $167m.

Bristol Myers-Squibb, Merck Group and Novo all took part in a $90m series C round for Galecto Biotech, which is commercialising research from Lund and Edinburgh universities.

Quark Venture and GF Securities have invested $1.9m in Sitka Biopharma, a spinout of University of British Columbia and Centre for Drug Research and Development.

Bristol Myers-Squibb, Merck Group and Novo all took part in a $90m series C round for Galecto Biotech that was co-led by Ysios Capital and OrbiMed.

China Life's Healthcare Fund led the series B-1 round, which followed a series B featuring fellow corporates Google and Tencent in January.

Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.