Public Company Edition: Structure Therapeutics’ upsized initial public offering raises $161.1m, surpassing proposed terms for up to $134.3m. Also, Pliant capitalizes on good data with a $287.5m follow-on offering, while Magenta seeks strategic alternatives and Instil reveals more job cuts.

Revenue declined in 2022 but the company expects it to increase 2% this year, offsetting an anticipated $3.5bn drop in Revlimid sales as new launches generate $4bn in 2023.

Private Company Edition: Patient Square’s private equity fund, which surpassed its $3bn fundraising goal, may invest broadly across health care but the firm already has invested heavily in biopharma. Also, investor Dimension launches with a $350m specialized VC fund and Alto increased its series B to $60m.

The company launched Amjevita on the same day it announced fourth quarter 2022 earnings and provided 2023 guidance, upping the high-profile nature of the first-to-market US Humira biosimilar.

Even with top-seller Biktarvy and its preventive therapy, Descovy, protected beyond this decade from generics, Gilead is investing aggressively in long-acting HIV candidates and its oncology pipeline.

Bristol Myers Squibb brought the last of nine new drugs to market last year – all needed to help it overcome three big losses of exclusivity this decade – so the focus this year is commercial execution.