Finance Watch: The Bigger The Better? Erasca, Imago Rise After IPOs
Five Launches Bring 2021 First-Time Offerings Total To 67
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.
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Public Company Edition: Arvinas grossed $350m in a private placement, while Xenon brought in $345m and Pharvaris raised $300m in follow-on public offerings. Fundraising remains challenging, however, so IGM Biosciences, Hansa Biopharma and other companies cut costs to save money.
After withdrawing IPO plans last September, Elicio thinks merger with Angion will give it a cash runway through end of 2023 to advance ELI-002, a vaccine for mutant KRAS-driven solid tumors.
After not closing a deal this year on Seagen, Merck takes a smaller step with a $1.35bn bid for Imago and its candidate for multiple myeloproliferative neoplasm indications.