Public Company Edition: Pfizer’s stake in Haleon dropped from 32% to 22.6% with a massive sale of shares of the GSK consumer health spinout. Also, Galderma prices its Swiss IPO, Madrigal grosses $600m in a post-approval offering and bluebird secured up to $175m in debt.

Sarepta says the age limit in the indication could encourage swifter insurance coverage of the newly approved gene therapy for Duchenne muscular dystrophy so potential patients don't age out of the treatment window before they would be eligible for reimbursement.

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

The deal focuses on the HER2-targeting bispecific antibody zanidatamab, in development for multiple solid tumor indications expressing HER2.