Finance Watch: PTC Secures Up To $1bn In Funding From Blackstone
Public Companies Seek Alternative Financing Options
Executive Summary
Public Company Edition: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates.
You may also be interested in...
Silicon Valley Bank’s Failure Rattles Investors In Biopharma Sector
Investment bank analysts, VC funds and biopharma companies all sought to calm investors’ nerves as a go-to financial institution for tech and biotech collapsed.
Finance Watch: Biopharma Reckoning Brings Restructuring Plans, Consolidation
With cash preservation in mind, Rubius will dissolve, while EQRx, Impel, Cybin and Graphite cut jobs. Meanwhile, Jounce is restructuring and it plans to merge with Redx, yet the dually troubled firms MEI Pharma and Infinity will combine, while VBL will disappear in a reverse merger with Notable Labs.
Finance Watch: Fundraising Shows Preference For Later-Stage Companies
Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.