During the third quarter, device company fundraising totaled $3.3bn; while in vitro diagnostic firms and research tools players raised $3.4bn.

The rare disease-focused firm will pay $90m up front to acquire Orphan Technologies and its Phase I/II enzyme replacement therapy for homocystinuria. Earnouts up to $427m are possible as well.

Public Company Edition: Outside the US, Zai Lab raised more in its recent Hong Kong initial public offering – $766.4m – than PMV, Prelude, Taysha, Graybug and Greenwich combined. Also, Gilead priced debt to fund its $21bn Immunomedics buy and ADC Therapeutics raised $204m.

The company originally filed to list on the NASDAQ in February but withdrew as the pandemic hit.