Private Company Edition: After just seven venture capital rounds of $100m or more in January and February, five have been announced already in March, including a $200m series A round for Cargo Therapeutics, Chroma Medicine’s $135m series B financing and $112m for Noema’s series B.

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.

During Q4, biopharma merger and acquisition value reached $35.7bn and drew in $62.1bn in potential deal value from alliances. Device company M&A values reached $19.2bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $4.8bn.

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