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SPAC Mergers Take Biopharmas Public, But Valuations Often Sag Post-Closing

Deals Give Stock Market Access Without IPO

Executive Summary

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.

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Finance Watch: Blackstone Closes $1.6bn Fund To Back Commercial-Stage Companies

Public Company Edition: Blackstone Life Sciences Yield will finance approved products, while the firm’s prior fund supports late-stage programs. Also, Coeptis will merge with a SPAC, Bausch + Lomb secured post-IPO debt, and BioXcel revealed a $260m financing and new subsidiary.

Finance Watch: Biopharma IPO Market Silence Continues In The US

Public Company Edition: The last biopharma IPO in the US was on 17 February and none have been scheduled, so far, for March. Also, another SPAC merger is called off, Travere sells $275m worth of notes and Xeris secures $150m in new debt, while Ovid, Passage Bio and others are cutting jobs. 

Finance Watch: Atlas Raises $450m Venture Fund For Biotech Breakthroughs

Both Atlas and Foresite Capital announced new funds focused on start-ups. Also, Flagship launched Vesalius with $75m in initial funding, Innoviva sold $225m in notes, Hookipa priced a $75m follow-on offering and job cuts were revealed by Epizyme, Flexion, Deciphera and Gemini. 

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