Finance Watch: Biotech Stocks Down, But Holding Up Better Than Broader Indices
Public Company Edition: Benefitting from hope that biopharma interventions will help the coronavirus pandemic, the industry is faring better than others in the stock market, including the ability to launch IPOs. Also, BridgeBio leads recent financings and PDL is on track to dissolve by year-end.
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Aspen Neuroscience, Pandion and iTeos raised $70m, $80m and $125m, respectively. Also, Glide Healthcare closed a €416m ($450m) fund; ElevateBio, Kallyope and SutroVax reveal VC mega-rounds; and Dragonfly adds new funding to its partnering proceeds.
Biopharma companies struggle with which trials, if any, to pause or delay. Lilly said it wants to ease the burden on health care facilities, while Galapagos said its choice is related to patient safety.
German TCR developer in partnerships with GSK and BMS will go public and receive $252m at closing in a reverse merger-type transaction with Arya.