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Finance Watch: Evotec, LianBio, IO Biotech Launch IPOs, Bringing US Total To 101

Two More Health Care SPACs Also Went Public

Executive Summary

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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Finance Watch: Sage Warns Of Job Cuts, Joins Peers Making Cash Last After Setbacks

Public Company Edition: Sage will reveal cost reductions later in the third quarter after the US FDA approved zuranolone for the smaller of two depression indications. Also, Karyopharm revealed a 20% workforce reduction, Harmony accessed up to $185m in debt and Astellas invested $50m in Poseida.

Finance Watch: Kenvue, Acelyrin Launch Biggest Biopharma IPOs Of 2023

Public Company Edition: J&J’s consumer health spinout Kenvue grossed $3.8bn in its public market debut and Acelyrin raised $540m in an upsized IPO. Also, Seres accessed $250m in new debt for Vowst commercialization while follow-on offerings raised $325m for ImmunoGen and $240m for Morphic. 

Finance Watch: Certain Offerings Find Their Way To Investors In Tough Market

Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.

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