SPAC Mergers Take Biopharmas Public, But Valuations Often Sag Post-Closing
Deals Give Stock Market Access Without IPO
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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Silicon Valley Bank data show a pullback in crossover financings but an increase in seed and series A venture capital rounds. In recent private company financings, CRO Novotech raised $760m. In public company financings, Eleusis will merge with a SPAC and the Bausch + Lomb IPO is on file with the SEC.
Public Company Edition: While panelists at Biotech Showcase argued merging with a special purpose acquisition corporation is not as attractive as it used to be, firms continue to pursue this go-public alternative. Also, Hillstream launched a small IPO and Cytokinetics accessed cash from Royalty Pharma.
The emergence and rapid spread of the Omicron variant has kept COVID-19 firmly in the headlines but the biopharma industry has had plenty on its plate on top of tackling the pandemic. Scrip has taken a look back at five of the biggest non-COVID-19 story themes of 2021 in no particular order.