Finance Watch: Public Biopharma Firms Take Advantage Of Relative Upswing
Even Some Struggling Firms Manage To Float Offerings
Public Company Edition: Prometheus brought in $500m from a follow-on offering after reporting positive mid-stage results for its TL1A inhibitor. Even Novavax, struggling to make money from its COVID-19 vaccine, raised cash in dual offerings, but its valuation dropped significantly afterward.
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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: 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.
Deal Watch: Merck KGaA Teams Up With Mersana On STING Agonist ADCs
Mersana signs its third ADC partnership with big pharmas for the year with Merck agreement. Lilly expands its RNA editing partnership with ProQR, which now has the potential to earn an additional $2.5bn. Novartis continues its divestment efforts in deals with Harrow, Erasca.