Biopharma was an attractive investment in 2020 and fundamentals are unchanged in 2021, including the pandemic’s work-at-home requirements, which allowed more companies to go public faster.

Public Company Edition: Lixte’s small uplisting was the only biopharma initial public offering in the US during Thanksgiving week, but IPOs are ramping up again. Also, LifeSci launched its second SPAC and in follow-on offerings Reata brought in $281m and Intellia grossed $175m.

Private Company Edition: Also, Medicxi’s new €200m fund will be reinvested in a portfolio of six life science companies and Silverback more than doubled its 2020 money with an $85m series C round.

Chinook launched less than two years ago to develop precision medicines for chronic kidney diseases and will have three drugs in the clinic in 2021, including a Phase III candidate for IgA nephropathy.