It was billed as a transformative deal that would drive a transformative company. And it happened just two years ago. Founded in 2003, Sublimity Therapeutics, a Dublin drug development company, had already raised around €38 million to finance the advancement of a treatment for ulcerative colitis. Then in May 2018, the company announced that it was raising a further €55 million from a host of heavy-hitting investors. It was, according to Anthony J Giovinazzo, an industry veteran installed as executive chairman at the time of the 2018 deal, an “important milestone” for the company, which was previously known as Sigmoid…

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