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.

With a 22 June US FDA action date for obeticholic acid in non-alcoholic steatohepatitis, Intercept is thinking ahead to launch plans. Madrigal said it plans a Q2 filing for its NASH drug and hopes to find an ex-US commercial partner.

Mid-sized M&A, collaborations, creative financing, and biotech consolidation will feature in 2023. IPOs and follow-ons play bit-parts.

Public Company Edition: Structure Therapeutics’ upsized initial public offering raises $161.1m, surpassing proposed terms for up to $134.3m. Also, Pliant capitalizes on good data with a $287.5m follow-on offering, while Magenta seeks strategic alternatives and Instil reveals more job cuts.