BioNotebook: Offerings slow on market woes, others raise venture cash
This article was originally published in Scrip
It was a difficult week for biotechnology fundraising, at least in the public markets, given the shaky ongoing dialog about the state of the biotech stock investing.
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Pharma and biotech companies raised $4.6bn in the first quarter, exceeding the 2017 quarterly average by $1.4bn. But while the money invested soared, the number of companies funded sank. In public financings, MorphoSys commences US IPO and Mylan sells $1.5bn in notes.
Relay launched with $57m to develop its novel technology platform for drug discovery based on protein motion with an initial focus on therapies for genetically defined cancers.
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.