When the traditional fundraising window closes and clinical, regulatory or commercial success eludes, other routes to raise cash emerge. But these have also become more scarce recently, leaving all-stock consolidations.

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 cash preservation in mind, Rubius will dissolve, while EQRx, Impel, Cybin and Graphite cut jobs. Meanwhile, Jounce is restructuring and it plans to merge with Redx, yet the dually troubled firms MEI Pharma and Infinity will combine, while VBL will disappear in a reverse merger with Notable Labs. 

Deal Snapshot: Cue’s pipeline is heavy on oncology, but it partnered with Merck on autoimmune in 2017 and while that work has shifted to cancer, the Ono partnership puts the focus back on autoimmune disease.