Finance Watch: Investors Bet On Hope As Four Early-Stage Companies Launch US IPOs
Public Company Edition: Of five drug developers expected to go public, four have preclinical or early clinical candidates, while the one that could not find a market for its IPO is in Phase III. Also, Biohaven, Zymeworks and Kura raise $100m or more in follow-on offerings.
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Although SRF813 isn’t likely to reach the clinic until 2021, GSK likes cell therapy’s monotherapy and combination potential. Lilly bids $880m to acquire neurodegenerative cell therapy firm Prevail.
Most of Lilly’s 2021 gains will come from its newer products, but sales of COVID-19 treatments added $500m to the company’s 2020 revenue guidance and may total $1bn-$2bn next year.
Private Company Edition: Venture capital financings didn’t take a break during Thanksgiving week. In addition to the $800m Resilience raised to fund manufacturing services, SomaLogic closed a $121m series A round to fund its proteomic tools for drug discovery and diagnostics development.