Finance Watch: Revolution Medicines Continues 2020’s Post-IPO Trend
Revolution has just one drug in the clinic, but its focus on KRAS excited IPO investors. Also, Deciphera’s $175m offering leads recent follow-ons and Spruce raises $88m in venture capital.
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Public Company Edition: William Blair analysts note that stock prices are rising due to a Q2 boost in dealmaking after a lull in Q1. Nevertheless, layoffs and portfolio prioritizations are ongoing, including at X4 Pharmaceuticals, but others have raised cash following good news, like Revolution Medicines.
Private Company Edition: While the tough state of financing for publicly traded drug developers continues, venture capital firms and private biopharma companies revealed billions of dollars in new VC funds and start-up financings, including $100m-plus mega-rounds for Tessa, Alladapt and ImCheck.
Amgen reported 5% year-over-year revenue growth to $6.5bn in the second quarter, up 11% from Q1. It did not break out Lumakras sales but detailed upcoming data that may support future indications.