Finance Watch: Four Offerings In One Week As Biopharma Keeps Its IPO Market Lead
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.
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Public Company Edition: While panelists at Biotech Showcase argued merging with a special purpose acquisition corporation is not as attractive as it used to be, firms continue to pursue this go-public alternative. Also, Hillstream launched a small IPO and Cytokinetics accessed cash from Royalty Pharma.
Private Company Edition: Recent biopharma venture capital financings add up to $1.7bn, including a $135m crossover round for HilleVax after spinning out of Takeda in July to advance a norovirus vaccine, Skyhawk’s $133m in fresh funding and Obsidian’s $115m series B round.
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.