Restructuring Edition: Impel eliminated R&D spending earlier this year to focus on Trudhesa commercialization, but is examining all options, including bankruptcy, as its funding runs out. Also, Alaunos, BioXcel and others announce job cuts and strategic shifts during second quarter updates.

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.