Finance Watch

Renaissance Capital expects an initial public offering surge in September; Biomedtracker data show financings for COVID-19 programs fell from Q1 to Q2; Revelation will merge with a special purpose acquisition corporation; Ascendis netted $379.3m in a follow-on offering; and Disc Medicine raised $90m in venture capital.

New VC deals include a $60m series C-1 round for DiCE Molecules a day before it filed paperwork to support a $100m IPO and a $100m financing for China’s IONOVA Life Science. Also, RenovoRx was the 84th company to go public in the US this year and ADC Therapeutics executed a $325m royalty deal. 

ARM counts $14.1bn in fundraising in the first half of 2021, up 35% from mid-year 2020. Also, Chinese mRNA players Abogen raises a $700m series C venture capital round, Pfizer prices a $1bn sustainability bond and while IPOs slow in the US, China and South Korea see new first-time offerings.

GentiBio closed a $157m series A venture capital round, while clinical trial innovator Reify Health raised a $220m series C and Neurelis secured $150m. Also, IPOs slowed in August, but Adagio and Eliem grossed $309.4m and $80m, respectively, and RNA firm Greenlight will go public in a $282m SPAC deal. 

Private Company Edition: The latest $100m-plus VC financings include $112.5m for PepGen, Deep Genomics’ $180m series C round and a $166m series D for Rakuten Medical. Also, Lumira Ventures raised a $220m fourth fund and will manage a separate $35m fund backed by Angelini Pharma.

Public Company Edition: This year is just six initial public offerings away from matching 2020’s record-breaking total of 86 biopharma IPOs in the US. Also, Idorsia raised $662.5m through the sale of convertible bonds and Cytokinetics closed a $316.3m follow-on offering. 

Private Company Edition: Amylyx will use its new cash to run a Phase III trial and submit applications seeking EU and Canadian approvals of AMX0035, but US filing plans based on prior Phase II/III data are less clear. Also, three VC firms raised new funds targeting biopharma and other investments.

Public Company Edition: Three $100m-plus US initial public offerings launched on 15 July after two smaller biopharma IPOs earlier in the month. Also, Gelesis announced a SPAC merger, Brii and Amniotics launched ex-US IPOs, and Intellia, Cerevel and Kymera priced large follow-on offerings. 

Private Company Edition: With $8.9bn raised in the second quarter, venture capital investment in biopharma companies reached its second highest quarterly total to date – behind only Q1 of this year. Also, Nimbus Therapeutics raised $105m and European drug developers get in on the VC action. 

Private Company Edition: Sirnaomics planned to go public after its series D, but its new venture capital does not prevent it from doing so in the near term. Also, Vida Ventures and Novalis Biotech raised new VC funds to back start-ups and ArriVent launched with up to $150m in series A cash.

Private Company Edition: Nine new venture capital mega-rounds include Insilico’s series C, $250m from Blackstone for a CAR-T therapy spinout from Intellia and a $210m series B round for Umoja.

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.