The strategy for both funds is to back companies with a preclinical drug candidate that can be advanced through clinical proof-of-concept with a mid-sized series A round. 

Three firms launched initial public offerings during the first week of May, but Gyroscope postponed its IPO while Jasper, Science 37 and Roivant took the special purpose acquisition corporation route.

Given mixed Phase III results for the Alzheimer’s drug and potentially severe side effects for the once-monthly infused therapy, ICER’s recommendation came in below analyst expectations.

Private Company Edition: Dyno’s first VC round will enable more deals for its novel AAV platform; Eikon pioneers new drug discovery technology. Also, Treeline’s early funding revealed at $211.7m; Capsida raised $140m from a VC round, AbbVie deal; and Affinia closed a $110m series B round. 

Public Company Edition: Roivant’s deal sets its market cap at $7.3bn. Beyond the Werewolf and Vaccitech offerings, more drug developers are slated to go public during the first week of May. And in follow-on offerings, COMPASS Pathways raises $144m and Aldeyra brings in $125m.

Bristol Myers Squibb is struggling to restore Opdivo’s growth and COVID-19 sales impacts didn’t help in Q1. New indications are coming but new products, like Zeposia, are slow to add significant revenue.