Plus deals involving Biocytogen/Radiance, Maruho/AOBiome, LGChem/Rhythm, IASO/Umoja, JW Therapeutics/2seventy and 13 other transactions.

Public Company Edition: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.

During Q2, biopharmas brought in an aggregate $12.5bn in financing and device company fundraising totaled $3.7bn; while in vitro diagnostic firms and research tools players raised $720m.

The 14 biopharma firms that went public during the first half of the year generated a 25% average return, helped by an outlier whose value rose 585%. Excluding Belite Bio, the -18% return for the IPO class of 2022 is more representative of current market realities.