Finance Watch: Evotec, LianBio, IO Biotech Launch IPOs, Bringing US Total To 101
Two More Health Care SPACs Also Went Public
Public Company Edition: Blade will merge with a special purpose acquisition corporation to go public, Bluebird spins out 2seventy with $442m in cash and Compass raises $125m in a move to the Nasdaq.
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Public Company Edition: SVB Leerink predicts a rebound from an ongoing trough in biotech stock valuations during the second quarter of 2022. Also, Vaxxinity launched the third US IPO of November, bringing the year’s total to 102 and BridgeBio led recent financings with a $750m debt agreement.
New product sales doubled from $161m in the first quarter to $344m in Q3 and the R&D pipeline advancing as planned ahead of generic competition for Revlimid, which will begin to launch in 2022.
The formal split between the companies had been in the works since January, with 2seventy set to take over oncology operations while bluebird focuses on gene therapies.