Finance Watch: Days Of Reckoning As Biopharma Valuations, Fundraising Opportunities Fluctuate
Biotech stock indices have seen a recent recovery but remain well below their 2021 peaks raising questions about the likelihood of raising money for R&D. The number of companies announcing leadership changes, shifting pipeline priorities and job cuts is rising as a result.
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Public Company Edition: Valuations have fallen enough in 2022 to lead some companies to wind down operations, but a recent uptick opened a window for a few offerings. Chinook raised $105m in a follow-on offering, while Flagship led a $79.2m registered direct offering for Evelo.
The Danish diabetes titan teams with Moderna’s founder on cardiometabolic R&D. Troubled cell therapy biotech Bone Therapeutics negotiates reverse merger with Medsenic.
Deloitte chief global economist Ira Kalish said in a Biocom webinar that the war in Ukraine increased existing macroeconomic uncertainty, which is keeping businesses and investors from deploying capital.