Public Company Edition: Merging with a special purpose acquisition corporation may be an attractive alternative to an initial public offering, but February’s vigorous IPO pace includes seven recent offerings that raised $480.8m in the US. Also, Cassava raised $200m and KalVista brought in $222.5m.

The rare disease-focused firm will pay $90m up front to acquire Orphan Technologies and its Phase I/II enzyme replacement therapy for homocystinuria. Earnouts up to $427m are possible as well.

Lantern, Avidity, Generation Bio and Vaxcyte launched initial public offerings during the second week of June as biopharma continues to intrigue IPO investors. Also, Blackstone invested $350m in Reata's bardoxolone and Checkmate’s $85m series C led recent VC deals. 

A Phase III trial design change could result in quicker patient access for Calliditas’s product candidate for Berger’s disease, and boost the growth potential for the Swedish biotech.