Finance Watch: Panic Over FDA Commissioner's Resignation Was Short-Lived, Though IPOs Still Languish
Public Company Edition: Biotech stocks sank when US FDA Commissioner Scott Gottlieb announced his departure, but have nearly recovered to pre-resignation levels, except for newly public firms. Also, Biohaven's raises cash for PRV purchase and Endo issues $1.5bn in new debt.
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Poseida, Nkarta and Inventiva raised $224m, $252m and $107.7m, respectively. Also, Forbion raised €185m ($208m) of a new €250m fund and Blackstone closed the last $1.2bn of its $4.6bn fund for public and private company deals, and Ascendis led recent follow-ons with a $569.2m offering.
Europe’s largest private family-backed biotech adds to its antibody pipeline and its infrastructure in the US with assets from MabVax Therapeutics, in order to pioneer patient-specific immunotherapies for cancer and infections.
Public Company Edition: COO Dean Hum talked to Scrip about Genfit's IPO strategy – which wasn't just about raising money – as it anticipates Phase III elafibranor data later this year. Also, Precision BioSciences launches its IPO, while Myokardia, Dermira and Tricida lead new public company financings.