Finance Watch: Mineralys Raises $192m In Year’s Biggest IPO So Far
Despite Market’s Embrace, Restructuring Continues
Executive Summary
Public Company Edition: Mineralys launches the second $100m-plus initial public offering of 2023 and trades higher in its first day. Also, Collegium sells $210m worth of notes, Eliem cuts 55% of its jobs at it shifts to preclinical and Aligos de-prioritizes hepatitis B while reducing its workforce another 10%.
You may also be interested in...
Finance Watch: Biopharma Public Offerings Fell In Q4, But Activity Is Booming In Q1
Public Company Edition: Fourth quarter 2023 fundraising fell 25.1% from Q4 2022, including a 24.2% drop in follow-on dollars, but recent activity has been robust, including $300m and $350m offerings by 4DMT and Autolus. Also, BMS sold $13bn in notes to fund Karuna and RayzeBio deals.
Finance Watch: UroGen Accesses Cash After Phase III Bladder Cancer Success
Public Company Edition: UroGen raised $120m in a private placement of ordinary shares. Also, Verrica entered into a debt financing for up to $125m upon approval of Ycanth for molluscum contagiosum and job cuts were announced by Homology, Mersana, Infinity and others.
Building On Successes During Turbulent Times, SR One Closes $600m Fund II
SR One will keep investing in a mix of new companies, early-stage firms and later opportunities with its second fund, raised even as biotech continues to endure challenging financial times.