Finance Watch: No New IPOs, But Two Firms Take The SPAC Route
Only 20 Companies Have Launched Initial Offerings In 2022
Public Company Edition: NewAmsterdam grossed $328m in its SPAC merger, while Liminatus may raise up to $316m in a new SPAC deal. Also, Intellia and Iveric grossed $300m each in follow-on offerings, bluebird sold a PRV for $102m and MEI ends zandelisib development resulting in layoffs.
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Finance Watch: LSP Dementia Fund Closes With €260m For Neurodegenerative Diseases
EQT Life Sciences completed the final close of its inaugural LSP Dementia Fund, far surpassing an initial $100m fundraising goal. Also, Resilience received a $410m commitment from the Department of Defense to fund biomanufacturing and Viking cashed in on Phase I obesity data with a $250m offering.
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: Sun Shines On Biotech Stocks As J.P. Morgan Ends
Public Company Edition: Also, Johnson & Johnson’s consumer health spin-out Kenvue filed paperwork to get the ball rolling on an initial public offering. In addition, Geron raised $198m and Madrigal accessed more than $300m after positive trial readouts, but layoffs were revealed by Editas, Elevation, Nabriva and others.