Japanese major’s profit figures for fiscal year just ended will be hit by multiple accounting decisions related to sales, pipeline and partnerships.

While the SVB and wider banking crisis has shaken VCs and bioventures in the US and Europe, Japan has mixed view on its impact and the government is keeping an eye on the situation. But one biotech has nevertheless cautiously decided to withdraw from a market listing despite Tokyo Exchange Market approval.

When the traditional fundraising window closes and clinical, regulatory or commercial success eludes, other routes to raise cash emerge. But these have also become more scarce recently, leaving all-stock consolidations.

All-stock merger will create new company owned 75% by Adaptimmune’s shareholders. Grifols, Selagine to explore antibody approach to treating dry eye disease, and other recent deals.