Finance Watch: More Job Cuts As Companies Prioritize Cash Conservation
BridgeBio Sold PRV After Workforce Reduction
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.
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Public Company Financings: Theravance sold its 85% interest in Trelegy royalties from GSK and Innoviva sold its 15% interest for up to $1.8bn in total. Also, ProKidney grossed $597m from its SPAC merger, Pliant raised $200m in a post-Phase IIa offering and Marinus earned $110m in a PRV sale.
Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.
News and views from day two of the BIO annual meeting include reflections on the ups and downs of the financing environment, Cerevance CEO Craig Thomson on the challenges of raising VC funds right now, and Bayer business development exec Marianne de Backer explains that it's not a good strategy to buy things just because they are on sale.