The seven programs, formed between two University of Maryland institutions, UMB and UMCP, include a commercialisation vehicle for high-potential spinouts.

The digital health platform has raised $6.5m in a round backed by Al Rashed and Sons unit Rimco Investments, and will use the funding for regional expansion.

The Pfizer and Ipsen-backed metabolic disorder drug developer floated above its range and saw its share price rise more than 75% on its first day of trading.

Novo and Nan Fung Life Sciences are among the investors as Harmony Biosciences, which focuses on central nervous system disorders.

SR One, where the cancer drug developer was incubated, joined fellow corporate venturing units AbbVie Ventures, Pfizer Ventures and Takeda Ventures for a $47.6m round.