Finance Watch: Two SPAC Deals, Two IPOs Take Four Biopharmas Public
Surrozen Merging With Consonance-HFW Acquisition, Raising $212m
Public Company Edition: Mergers with special purpose acquisition corporations may be heating up, but in addition to the Surrozen and Tango SPAC deals Recursion and Biomea launched initial public offerings. Also, Organon sells $5.6bn worth of notes to fund spinout from Merck & Co.
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Public Company Edition: Roivant’s deal sets its market cap at $7.3bn. Beyond the Werewolf and Vaccitech offerings, more drug developers are slated to go public during the first week of May. And in follow-on offerings, COMPASS Pathways raises $144m and Aldeyra brings in $125m.
Public Company Edition: The Nasdaq Biotechnology Index appears to be in recovery from an earlier slide, but still has ground to make up. Also, Jazz sold $1.5bn worth of notes and Zai Lab closed an $823.9m follow-on offering.
Private Company Edition: The pre-J.P. Morgan Healthcare Conference financing news deluge during the first week of 2021 included several significant venture capital deals, including a $226m series B round for Affinivax, Ikena’s $120m series B round and an $88m series A round for Aro.