Finance Watch: IPO Momentum Slows But Biopharma Stocks Get An ASCO Bump
First-Time Offerings Still Total 44 In The US So Far In 2021
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.
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Renaissance Capital expects an initial public offering surge in September; Biomedtracker data show financings for COVID-19 programs fell from Q1 to Q2; Revelation will merge with a special purpose acquisition corporation; Ascendis netted $379.3m in a follow-on offering; and Disc Medicine raised $90m in venture capital.
Public Company Edition: The pace of US initial public offerings slowed a bit in April and May but could ramp back up in June as biopharma investor sentiment rebounds. Also, drug developers continue to go public via SPAC mergers, most recently Valo Health with a $2.8bn post-deal valuation.
Complete response rates for ALLO-501 and ALLO-501A look comparable so far to Gilead’s Yescarta, though longer follow-up is needed to judge if durability matches as well.