Finance Watch: Billions Flow Into Biopharma Via Three New Investment Funds
Blackstone raised $3.44bn of a $4.58bn life science fund, while HealthCare Royalty Partners raised $1.8bn and MVM closed a $325m fund. Also, 20 private drug developers raised $20m or more, but three public biopharma firms unveiled restructuring plans.
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Merck continues its cancer deal streak, purchasing a pipeline of antibody-drug conjugates and bispecific antibodies against receptor tyrosine kinase-like orphan receptor 1 (ROR1).
Public Company Edition: Codiak, Kiromic, Aligos and Opthea have fallen below their initial public offering values, while Tarsus and Praxis are trading higher. Also, 5AM, MPM and Cormorant took biotech SPACs public and Evotec led recent non-IPO financings with a €250m private placement.
Chinook launched less than two years ago to develop precision medicines for chronic kidney diseases and will have three drugs in the clinic in 2021, including a Phase III candidate for IgA nephropathy.