VC investors optimistic about 2014 biotech prospects
This article was originally published in Scrip
A rise in initial public offerings by biotechnology companies doesn't automatically lead to increased investment by venture capital firms that finance drug development startups, but venture funders are optimistic about the life science industry's prospects in 2014.
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Nuvation started in 2018 and raised a $275m series A round in 2019. Now it is merging with the EcoR1 Capital-sponsored SPAC Panacea Acquisition Corp. and raising $500m in equity capital.
Public Company Edition: Codiak, Kiromic, Aligos and Opthea have fallen below their initial public offering values, while Tarsus and Praxis are trading higher. Also, 5AM, MPM and Cormorant took biotech SPACs public and Evotec led recent non-IPO financings with a €250m private placement.