Finance Watch: Lyell Raises $425m As Eight Biopharmas Go Public In One Week
In Addition To US IPOs, CARsgen Went Public In Hong Kong
Executive Summary
Public Company Edition: Eight drug developers launched initial public offerings in the US that grossed $1.46bn combined during the week of 14 to 18 June as biotechnology stock values increased. Also, C4 Therapeutics led recent follow-on offerings, raising $180.8m.
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Merck’s Focus On ADCs Expands To Include Protein Degraders With C4
Deal snapshot: Viewing antibody-drug conjugates as a key to growing its cancer franchise beyond Keytruda, Merck & Co. will partner with C4 to develop protein degrader-antibody conjugates for cancer.
Finance Watch: Though Flush With Cash, Theseus Seeks Alternatives, Gets Two Quick Offers
Restructuring Edition: OrbiMed/Foresite and Concentra responded quickly after Theseus implemented a 72% workforce reduction and began a search for strategic alternatives despite having $225.4m in cash. REGENXBIO, Novavax and Lyell also revealed job cuts despite large cash stockpiles.
Finance Watch: With Limited Fundraising Options, Biotechs Restructure To Extend Cash Runways
Mereo will reduce its headcount by 40% to focus on its lead programs while NeuBase revealed a 60% workforce reduction to extend its cash runway. Also, Invivyd (formerly Adagio), Greenlight and BioMarin announced job cuts, while Otonomy and others planned strategic shifts.