Nektar is hoping the combination of bempegaldesleukin and Opdivo could have better chances in kidney and bladder cancers, but analysts aren’t sure and see other IL-2 therapeutics as having better prospects.

The new capital will allow the VC arm to create and finance "a new and larger portfolio of innovative companies that align with the future strategies" of Merck's businesses.

Public Company Edition: Xilio, Ventyx, MiNK and Context went public in the US and later traded at or above their initial public offering prices. Also, Sarepta raised $500m and Relay grossed $350m in new offerings, while Oncopeptides, Esperion, Zymergen and Ardelyx reorganized and cut jobs.

Private Company Edition: Clover’s $230m financing was the largest of recent mega-rounds. Century Therapeutics ($160m), Vividion ($135m) and eGenesis ($125m) also raised big rounds and investors Foresite Capital ($969m), Sofinnova Partners ($540m) and OMX Ventures ($150m) raised new VC funds.