Finance Watch: Roivant To Go Public In SPAC Merger, Raise $611m
Werewolf, Vaccitech Bring US 2021 Biopharma IPO Total To 40
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.
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Only 25 more initial public offerings are needed for 2021 to beat 2020’s record-breaking 86 IPOs. However, the average return for this year’s offerings is just 1.1% as of 1 July versus 11% at the end of the first quarter.
The concept of a parent company with operating subsidiaries is becoming increasing common in biotech. The first to do it, Daphne Zohar, who co-founded PureTech back in 2005, tells Scrip how the company has made that model work.
Public Company Edition: There was just one initial public offering during the past two weeks, but another biotech-focused SPAC went public and Gingko Bioworks announced a high-value SPAC merger. Also, Insmed and Dynavax offerings led recent public company financings.