Finance Watch: Billions Of Dollars In Offerings Despite US Biopharma Stock Slump
Blueprint and Zymeworks raise $300m-plus in follow-on offerings. Also, Arcutis, Black Diamond and Annovis bring the 2020 US IPO count to four; Spring Bank, Surface Oncology and Decibel reveal strategic shifts; and Harmony’s $200m in venture debt leads recent VC deals.
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Sio Gene, Genocea, Solid Biosciences, Saniona and Black Diamond join First Wave, Zosano, Vallon, Finch, Magenta, ProQR and Imara on the growing list of biopharma firms reducing headcount to make their cash last until valuations return to a level that may support new fundraising.
Also, two more health care-focused SPACs went public, Centessa obtained up to $300m in debt, three new venture capital funds launched and Intergalactic debuted with a $75m series A round.
Public Company Edition: Among other recent large financings, BridgeBio Pharma launched a $650m note sale, CureVac closed a $517.5m follow-on offering and Revolution Medicines raised $260.9m.