Public Company Edition: The closure of Silicon Valley Bank sank biotech stocks in the first full week of March, but valuations rose the next week when two big acquisitions were announced. Also, J&J’s consumer health spinout sold $7.75bn in notes ahead of its future IPO and Karuna grossed $400m in a follow-on offering.

Merging with the shell of troubled cancer biotech Sesen, Carisma believes its chimeric antigen-receptor-macrophage (CAR-M) platform can bring the immunotherapy application to solid tumors.

The company, after revealing in May that it was evaluating various partnership or buyout strategies, also said it would sell its IL-6 programs to Roche as it pauses Vicineum’s US development.

Public Company Edition: Bausch remains the majority shareholder, but B+L is a separate operating company. Also, Rezolute raises $130m in dual financings and BridgeBio outlines job cuts and will out-license assets to conserve cash.