Finance Watch: SPACs Lose Their Luster As Difficulties Mount
ProKidney Announces, Gemini Closes SPAC Mergers
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.
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Special purpose acquisition companies can bring biopharma firms to market faster than a traditional initial public offering, but frequent failures and increased scrutiny from the US Securities and Exchange Commission mean their heyday in the life sciences space is arguably over.
Public Company Edition: As their stock prices plummet, Adagio reshuffles its research plan and names a new CEO, while Yumanity restructures and seeks strategic alternatives. Also, Bristol sells $6bn worth of notes, Amgen issues $750m green bond, and Inhibrx and Amryt amend and refinance debt.
Following two record-breaking years for biotech fundraising, stock valuations are heading downwards. Biopharma executives and industry experts surveyed by Scrip anticipate big pharma executing more deals and acquisitions in 2022.