Finance Watch

Public Company Edition: Cullinan and Cidara shifted their strategic directions and found investors to bring along for the ride. Also, Intra-Cellular closed a post-Phase III $575m follow-on offering and Tarsus accessed up to $200m from Pharmakon.

Private Company Edition: Regeneron launched a $500m venture fund and Canaan added $100m, bringing the venture firm’s recent total to $1bn-plus. Also, incubators plan to grow over the next decade and in recent financings Avenzo raised $150m and Nvelop launched with $100m.

Public Company Edition: This year’s newly public companies are trading an average of 9.7% below their IPO prices, including the two most recent debuts, Boundless Bio and Contineum. Also, Nkarta, Praxis and Nurix grossed $240m, $200m and $175m, respectively, in follow-on offerings.

Private Company Edition: Three consecutive $100m-plus venture capital rounds include Obsidian’s series C, a $132m series B round for Alterome and Diagonal’s $128m launch. Also, The Medicines Company’s Clive Meanwell reportedly is heading up a well-founded obesity start-up.

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.

Private Company Edition: Capstan and Engrail raised $175m and $157m, respectively, in series B venture capital rounds in addition to Madrigal’s $400m-plus launch and Clasp’s $150m series A. 

Private Company Edition: After US-based Alumis and Sionna raised $259m and $182m, respectively, in series C rounds, Tubulis in Munich, Germany brought in €128m ($138.8m) in series B2 cash, while Rakuten – with offices in the US, Europe and Asia – closed a $119m series E round.

Public Company Edition: Galderma proposed pricing for its $2.6bn Swiss public market debut. Also, Apogee and Akero lead follow-on offerings with $483m and $366.9m, respectively, and Lexicon’s private placement brings in $250m, while Spruce reveals a 21% workforce reduction.

Restructuring Edition: Kronos restructured and cut 19% of its workforce in November and now will cut 21% of its remaining jobs. Also, Gritstone cut 40% of its workforce after missing out on an expected external funding payment and Kineta implemented a 64% workforce reduction.

Private Company Edition: FogPharma raised $145m for its clinical-stage drug and earlier programs after bringing on former Johnson & Johnson R&D head Mathai Mammen as CEO last year. Also, BlossomHill closed a $100m series B round and Kenai emerged with $82m in series A cash.

Public Company Edition: Denali, Crinetics and Ocular Therapeutix grossed $500m, $350m and $325m, respectively, in private placements ahead of data readouts. Also, Viking raised $550m after its positive Phase II obesity data and Abingworth invested $210m in Gilead’s Trodelvy NSCLC trials.

Private Company Edition: With its lead program in the clinic, Frontier’s $80m series C round will fund trials for additional programs. Also, ORI raises $260m for second fund, Earlybird closed a €173m ($187.1m) fund, Areteia’s series A grew to $425m and Sudo’s series B increased to $147m.

Restructuring Edition: The financial market is beginning to perk up after a decline in biopharma financings at the end of 2023, but some companies still are struggling to stay afloat after assessing their strategic options, like Merrimack and LianBio, which announced plans to dissolve.

Public Company Edition: Fourth quarter 2023 fundraising fell 25.1% from Q4 2022, including a 24.2% drop in follow-on dollars, but recent activity has been robust, including $300m and $350m offerings by 4DMT and Autolus. Also, BMS sold $13bn in notes to fund Karuna and RayzeBio deals.

Private Company Edition: Scion’s first fund exceeded its initial $250m fundraising goal. Also, The Column Group’s incubator raised a $400m-plus fund and Seroba’s fourth fund reaches $134m, while Neurona raised a $120m financing and Cour closed a $105m series A round.

Public Company Edition: Alto Neuroscience and Fractyl Health grossed $128.6m and $110m, respectively, while FibroBiologics went public in a direct listing. Also, Vaxcyte grossed $862.5m in a follow-on offering, Immunocore grossed $350m in a note sale and Vera raised $287.5m.