Finance Watch: Prepare For September IPOs To Rebound From August Slowdown
H1 Saw $10.2bn In COVID-19 Financings
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.
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Rocket's all-stock acquisition of Renovacor is valued at about $53m and adds a preclinical portfolio targeting genetically driven cardiovascular disease.
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.