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.

Moderna and Life Edit will team up to develop transformative or curative therapies for challenging genetic diseases. Erytech and Pherecydes unveil plan to merge and extend runway into 2024.

Totals for aggregate deals and in the M&A, alliance and divestment categories were similar among the 10 busiest deal makers from 2020 to 2021, but COVID-19 may have driven a more hectic deal-making pace overall in 2020.

Private Company Edition: Jeito says its new first fund is Europe’s largest life science-focused fund. Illumina will use its venture capital to support tools, diagnostics, therapeutics and more. Also, IASO closed a $108m series C round and Amolyt raised $80m in series C financing.