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Backed by Novo Holdings, Regeneron’s venture arm and several others, the biotech believes an oral drug licensed from Galapagos might hold potential treating many immunological diseases.

Young biotechs usually get acquired instead of profitably selling their own medicines. A growing number are proving they can, which could make the sector more broadly appealing to investors, some say.

A therapy that works similarly to AbbVie’s blockbuster Skyrizi appeared more potent in a mid-stage trial and has the potential to be dosed less frequently.