Venture Funding Deals: Four $100m-Plus Rounds, Including Allogene's $300m
April had four VC rounds of $100m or more, including Allogene's $300m to develop CAR-T therapies licensed from Pfizer. Innovent Biologics raised $150m, BenevolentAI brought in $115m and Constellation garnered $100m last month.
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Novo Nordisk is paying $725m to acquire the VC-backed US biotech, Corvidia Therapeutics and its promising Phase II candidate, ziltivekimab, for chronic kidney disease, but further payments could total more than $2bn.
Public Company Edition: Is the IPO bubble getting ready to burst? It's anybody's guess, but biopharma companies are forging ahead, having launched 11 first-time offerings during the past week and a half. Also, Heron leads recent follow-on offerings with a $200m stock sale to fund what may soon be its third commercial product.
MeiraGTx was the first to go public in the US in June after six drug developer IPOs launched in May. With returns for this year's first-time biopharma offerings more than doubling from 9% at the end of April to 23.6% as of June 8, four new companies have filed and six have set terms for future IPOs.