Ampersand Biomedicines has emerged from stealth mode with a new CEO, and aims to shake up oncology and immunology with a new tissue-specific approach to targeting medicines.

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. 

Former Novartis executive and venture capitalist David Epstein will step in to lead Seagen after its founder resigned in a scandal and amid M&A speculation.

Public Company Edition: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates.