Finance Watch: Recent M&A Uptick Gives Biopharma A Needed Boost
Restructuring Continues, However, As Firms Conserve Cash
Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.
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Finance Watch: Summit Raises $500m For Shift From Anti-Infectives To Oncology
Public Company Edition: Summit initiated the big rights offering earlier this year as promised in December when it licensed Akeso’s PD-1/VEGF bispecific. Also, Teva sold $2.49bn in sustainability-linked notes to pay down debt, while MorphoSys, Novavax and others restructured and cut jobs.
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.
The Top Five Pharma Stories Of 2022
Scrip has taken a look back at five of the biggest story themes in no particular order of 2022 where once again the biopharma industry had plenty on its plate.