Finance Watch: Janux Offering Makes 47 Biopharma IPOs In 2021, So Far
Will Boost From ASCO, Aduhelm Improve Investor Sentiment?
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.
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Merging with a special purpose acquisition corporation is a viable funding tool, but it may not be the best choice for drug developers far from key milestones.
Dozens of health care-focused special purpose acquisition corporations have gone public during the past two years but many biopharma firms that have merged with SPACs have not performed well to date, raising the question of how long the SPAC boom will last.
Also, two more health care-focused SPACs went public, Centessa obtained up to $300m in debt, three new venture capital funds launched and Intergalactic debuted with a $75m series A round.