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.

Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.

Timing big M&A transactions to coincide with the biggest investor conference of the year is difficult. But getting it right can boost stocks across the sector.

With $845m raised to date, ElevateBio will keep building its cell and gene therapy manufacturing capabilities and continue creating new companies and partnerships, but with a global focus.