Finance Watch: Coronavirus-Related Stock Market Meltdown Didn’t Stop Passage Bio IPO
Executive Summary
Public Company Edition: The gene therapy firm’s IPO priced at $18 and ended its first day up 23.3% at $22.20 but fell to $21.50 when stocks recovered on 2 March. Also, RedHill raised $115m for product launches and Movantik purchase, and Avadel raised $65m to compete with Jazz.
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Finance Watch: AbCellera, 4DMT, Nanobiotix IPOs Bring In $775m Combined
Public Company Edition: Lilly’s COVID-19 antibody partner AbCellera launched one of the biggest IPOs of 2020, bringing in $483m. Also, two more SPACs went public; Sinovac, Biocryst and Kura Oncology arranged large financings; and Viatris plans post-merger layoffs.
Finance Watch: Have Biopharma IPOs Hit Their Limit?
Public Company Edition: Three companies postponed or withdrew their offerings, but drug developers continue to pursue IPOs. Also, Biocon, BMS and Epizyme raised money through new debt, Five Prime capitalized on positive data and Synthetic Biologic engaged a strategic advisor.
IPO Update: Biopharma Stands Out Among Gloomy US Market
While COVID-19 closed the window for most initial public offerings late in the first quarter, drug developers continue to launch IPOs, generating an average return of nearly 21% year-to-date.
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