Finance Watch: Certain Offerings Find Their Way To Investors In Tough Market
Some FOPOs Launch, While A Few SPAC Deals Crash
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.
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Finance Watch: Biotech Valuations Seesaw On Bank Failure, Pharma M&A
Public Company Edition: The closure of Silicon Valley Bank sank biotech stocks in the first full week of March, but valuations rose the next week when two big acquisitions were announced. Also, J&J’s consumer health spinout sold $7.75bn in notes ahead of its future IPO and Karuna grossed $400m in a follow-on offering.
Finance Watch: Structure Launches Third And Largest US Biopharma IPO Of 2023
Public Company Edition: Structure Therapeutics’ upsized initial public offering raises $161.1m, surpassing proposed terms for up to $134.3m. Also, Pliant capitalizes on good data with a $287.5m follow-on offering, while Magenta seeks strategic alternatives and Instil reveals more job cuts.
Deal Watch: AbbVie Leads J.P. Morgan Deal Rush, But BI, Genentech And Lilly Also Big Players
As the usual flurry of deals coincides with the J.P. Morgan Healthcare Conference, AbbVie signed an mRNA pact with Anima and a cancer research tie-up with Immunome.