SPAC Mergers Take Biopharmas Public, But Valuations Often Sag Post-Closing
Deals Give Stock Market Access Without IPO
Merging with a special purpose acquisition corporation is a viable funding tool, but it may not be the best choice for drug developers far from key milestones.
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Public Company Edition: UroGen raised $120m in a private placement of ordinary shares. Also, Verrica entered into a debt financing for up to $125m upon approval of Ycanth for molluscum contagiosum and job cuts were announced by Homology, Mersana, Infinity and others.
Public Company Edition: Follow-on offerings did not surge after ASCO, but Day One and Cogent raised $150m-plus. Also, IQVIA and Ionis sold $1.25bn and $500m in notes, while Krystal and Lexicon grossed $160m and $125m from post-approval offerings.
Panelists at the BIO CEO and Investor Conference foresee some changes coming as biotech investors become more judicious about where they park their money.