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: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates.
German pharma takes global rights to preclinical bispecific antibody, while Surrozen will focus on Phase I candidates for inflammatory bowel disease and alcoholic hepatitis.
The biopharma industry broke records again in 2021 with the amount of money raised for drug development. After a year of rapid growth, what will 2022 bring for market dynamics and R&D catalysts in biopharma?