Finance Watch: 2Q Brings Cost Cuts, Strategic Reviews For Many Biotechs
Peregrine, Ardelyx, Egalet and others reduced expenses and sought alternatives in the second quarter. Also, cell and gene therapy investment rises, FibroGen priced a $326m offering and Unity increased its Series B by $35m.
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Private Company Edition: Morphic raises $80m to take its first two integrin inhibitors into the clinic for fibrosis and inflammatory bowel disease. Also, Hillhouse has a new $10.6bn private equity fund for health care and other investments, and Atreca closes a $125m Series C.
Big venture capital bets continue in biopharma, including Foresite's new $668m fund and Merck's $125m investment in Moderna, but small VC rounds could be making a comeback. In public company financings, Aslan and Evelo launched in the US, while Ascletis is testing Hong Kong’s IPO market.
Proteostasis planned to raise cash this week, but scrapped the offering after an investor that shorted the stock published a scathing report. Also, Arena raised more than $350m in an offering after its positive Phase II etrasimod data, and venture capital flows to biopharma firms with big ideas.