Finance Watch: A SPACtacular Week For Biopharma Deals And Dollars
Public Company Edition: Four health care special purpose acquisition vehicles went public and two others announced mergers, but only one biopharma firm priced an IPO during the week of 19-23 October. Replimune’s $250m offering led recent FOPOs.
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EcoR1 and Casdin/Corvex took their second and third special purpose acquisition corporations public. Also, Ionis sold notes to buy back older notes and fund operations as it cut 70% of Akcea’s staff. In venture capital, ValenzaBio raised $70m and RA boosted Metagenomi’s series A to $75m.
The Leeds, UK-based company is looking to the alternative route to the US stock market to fund its live biotherapeutics platform.
The US is to ship only half of doses for Pfizer, Moderna COVID-19 vaccines in the first instance, while Rhizen Pharmaceuticals starts a Phase I trial of a DHODH inhibitor.