Deal Watch: BMS Looks To Molecular Templates’ Engineered Toxin Bodies In Cancer
Plus recent deals involving AbbVie/Caribou, Sanofi/i2O, Merck & Co./Starpharma, Protalix/SarcoMed, Targovax/Papyrus, Medivir/Ubiquigent, Eton/Azurity
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Deal Snapshot: The companies had announced the deal back in February 2021, but citing its “strategic focus,” AbbVie told Caribou it was backing out.
Public Company Edition: ImmunoGen received the first $75m under a $175m term loan, while Protagonist raised $100m in a follow-on offering, but companies with bankruptcy filings and job cuts outpaced those accessing new capital by a wide margin in late March and early April.
Private Company Edition: The amount of venture capital investment in biopharma companies has shrunk from quarter to quarter, but the average deal size remained high until the third quarter. Larger rounds from Treeline, Odyssey and Neumora offset a plethora of smaller VC financings early in Q4.