SPAC Mergers Take Biopharmas Public, But Valuations Often Sag Post-Closing
Deals Give Stock Market Access Without IPO
Executive Summary
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.
You may also be interested in...
Finance Watch: UroGen Accesses Cash After Phase III Bladder Cancer Success
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.
Finance Watch: No Big Post-ASCO Follow-On Frenzy, But Biotech Had A Good Week
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.
Rest In Peace SPACs And Pseudo-Platforms: What Lies Ahead For Biotechs Going Public In 2023
Panelists at the BIO CEO and Investor Conference foresee some changes coming as biotech investors become more judicious about where they park their money.