After not closing a deal this year on Seagen, Merck takes a smaller step with a $1.35bn bid for Imago and its candidate for multiple myeloproliferative neoplasm indications.

Less than two year after going public by a SPAC merger, Gemini will reverse merge with hematology-focused Disc. Bristol Myers Squibb and GentiBio will join forces on Treg development for inflammatory bowel disorders.

Once deemed an intimidating and risky space, microbiome modulator firms are slowly winning over investors as robust clinical data surface, with one company, Microbiotica, recently hitting an EU financing record.

Private Company Edition: In addition to Adiso, Creyon recently launched with $40m and TRexBio extended its series A by $26m to $85m total. Also, Kurma Partners raised the first €160m of a planned €250m fund to back companies transitioning from R&D to commercial operations.