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Finance Watch: A SPACtacular Week For Biopharma Deals And Dollars

Executive Summary

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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Finance Watch: Prime Medicine Launches Second-Largest IPO In Second Half Of 2022

Public Company Edition: Prime Medicine raised $175m, making its offering the sixth-largest out of 19 biopharma IPOs in the US this year. Also, Oculis and AUM opted to go public via SPAC mergers, Insmed raised $775m from multiple financings and Dice capitalized on positive data with a $300m offering.

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Building on its Loxo Oncology unit, Lilly teams with Foghorn to target cancers caused by BRG1 mutations, about 5% of all tumors, including 10% of NSCLC patients. Merck & Co. teamed up with Foghorn in 2020.

Finance Watch: Investors Launch New SPACs After Initial Deals

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.

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