Finance Watch: Biopharma IPO Market Silence Continues In The US
Three Potential Offerings, Including Two Micro-Caps, Recently Filed
Executive Summary
Public Company Edition: The last biopharma IPO in the US was on 17 February and none have been scheduled, so far, for March. Also, another SPAC merger is called off, Travere sells $275m worth of notes and Xeris secures $150m in new debt, while Ovid, Passage Bio and others are cutting jobs.
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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.
Finance Watch: More Job Cuts As Companies Prioritize Cash Conservation
Public Company Edition: Applied Molecular Transport, Scholar Rock, Agios and others join many of their peers in revising their strategies and downsizing their teams. Also, Zentalis grossed $200m from a follow-on offering and OKYO Pharma went public in the year’s smallest biopharma IPO in the US.
Finance Watch: VC Enthusiasm For Biopharma Continues As 5AM Ventures Raises $750m
Private Company Edition: 5AM revealed two funds totaling $450m and $300m, V-Bio raised a €110m venture capital fund and AXA IM Alts committed $500m for health care private equity deals. Also, TRIANA launched with $110m and the AMR Action Fund backs Adaptive Phage Therapeutics.