Finance Watch: Financial Market Turmoil Ends Amicus SPAC Deal For Gene Therapy Spinout
Rare Disease Specialist Unveils Layoffs, R&D Reprioritization
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.
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After its August 2020 reverse merger, neuroscience-focused Yumanity is calling it quits with two transactions: an asset sale to Janssen and a merger with private cancer immunotherapy firm Kineta.
Public Company Edition: Only nine drug developers went public in the US, raising $807m in the first quarter, versus 32 IPOs raising $5.2bn in Q1 of last year. Also, MoonLake closed its SPAC merger, Sanofi priced €650m in sustainability-linked bonds in €1.5bn note sale, and Kaleido will cease operations.
Public Company Edition: An IPO and three big follow-on offerings hit the market but other public companies revealed plans to cut costs or reprioritize their R&D pipelines, signaling that uncertainty remains.