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.

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.

Mereo will reduce its headcount by 40% to focus on its lead programs while NeuBase revealed a 60% workforce reduction to extend its cash runway. Also, Invivyd (formerly Adagio), Greenlight and BioMarin announced job cuts, while Otonomy and others planned strategic shifts.