Today, a brief rundown of news involving I-Mab Biopharma and Taysha Gene Therapies, as well as updates from Sanofi, Adcytherix and Boehringer Ingelheim that you may have missed.

I-Mab Biopharma will change its name and pursue an initial public offering in Hong Kong as part of a transformation into a “hub-and-spoke” company with drugmaking subsidiaries. Following the change, I-Mab will rebrand as NovaBridge Biosciences and have a newly formed “spoke” called Visara acquire an experimental eye drug that’s currently in Phase 2 testing in China. NovaBridge will then look to “identify and accelerate” other “high-value assets” across a range of therapeutic areas, the company said. — Ben Fidler

Taysha Gene Therapies has regained rights to an experimental gene therapy for Rett Syndrome after partner Astellas Pharma passed on an option to exclusively license the treatment. The two companies first partnered on the therapy three years ago and, through that alliance, Astellas had the right to negotiate a deal after looking at clinical data. Taysha noted that while Astellas declined to do so, those results helped the company secure a breakthrough therapy designation from the Food and Drug Adminsitration. Pivotal testing should begin later this year. — Ben Fidler

Veradermics said Thursday it raised $140 million in a Series C round that’ll fund development of an oral version of minoxidil, the active ingredient in the hair loss treatment Rogaine. The funding was led by SR One, and joined by at least 10 other firms including Viking Global Investors, Invus, and Surveyor Capital. Veradermics’ lead program, dubbed VDPHL01, is an extended-release version of minoxidil that’s currently in a mid-stage study. The raise follows a similar-sized round earlier this week for Pelage Pharmaceuticals, which is also working on a new kind of hair loss medicine. — Gwendolyn Wu

Sanofi on Thursday announced a collaboration agreement with Chicago-based biotechnology company EVOQ Therapeutics to discover new drugs that induce “immune tolerance” in people with autoimmune conditions. Per deal terms, the two will collaborate on research, while Sanofi will be responsible for development and commercialization. EVOQ could receive over $500 million in upfront and downstream payments, as well as royalties on any products that emerge from the deal. — Delilah Alvarado

French drugmaker Adcytherix said on Thursday it’s raised 105 million euros, or $122 million, in Series A funding. The financing was led by Bpifrance and included half a dozen other firms, among them Angelini Ventures and RA Capital. Adcytherix is focusing on antibody-drug conjugates, or ADCs, that deliver to tumors “novel” toxic payloads, according to a statement. The cash will help propel its lead program, ADCX-020, into clinical testing, with initial submissions expected by the end of the year. — Delilah Alvarado

Boehringer Ingelheim will work with AimedBio to develop a new ADC for a “broad range” of cancers. Per terms of an agreement announced Wednesday, AimedBio is eligible to receive up to $991 million in total payouts, as well as sales royalties if the drug ever reaches market. The deal builds on an ADC portfolio Boehringer got from Swiss biotech NBE Therapeutics through a billion-dollar acquisition five years ago. — Delilah Alvarado