IPO Outlook: 2021 Saw Record Numbers But Poor Returns; 2022 Looks Muted
Number Of 2021 Offerings Exceeded 2020, But Returns Faltered
Initial public offering momentum decelerated as stock prices declined last year, but even with lower valuations making M&A more attractive, the IPO market this year is expected to be active.
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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.
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.
Private Company Edition: Flagship’s Pioneering Medicines initiative and the firm’s portfolio companies will deliver cystic fibrosis drug candidates. Also, recent venture capital financings include cloud technology firm Saama’s $430m round and Shoreline’s $140m in new funding.