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.

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. 

Merger plans follow MEI’s recent decision to shelve its own PI3K inhibitor due to class safety concerns. Combined firm will have three clinical oncology candidates, runway into 2025.

The German firm’s oncology franchise grew to more than €400m in the third quarter as sales of Bavencio doubled, while anticancer partnerships and pipeline updates drew interest.