Tango Bypasses IPO Route With SPAC Merger
Cancer Firm Will Raise $353m, List On US Stock Market In Q3
The cancer drug developer was planning to go public later this year, but its series B investor Boxer Capital proposed a merger with its special purpose acquisition corporation, BCTG Acquisition.
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Argenx partners with Elektrofi and Iontas; China’s Qilu obtains global rights to Peptron’s antibody-drug conjugate and also ends co-development pact with Quantum Genomics.
Just nine drug developers went public in the US during the first quarter of last year, but with the industry boosted by pandemic response, 32 biopharma companies launched IPOs in Q1 of this year.
After a brief lull in US initial public offerings, PainReform and three special purpose acquisition companies kicked off September’s IPOs. Also, Immunovant offering grossed $173.9m, Carlyle Group bought 5% stake in China’s Salubris and Erasca increased its series B to $236m.