Finance Watch: SPACs Lose Their Luster As Difficulties Mount
ProKidney Announces, Gemini Closes SPAC Mergers
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.
You may also be interested in...
Public Company Edition: Aileron, Talaris and Frequency said they will reduce expenses and seek options for maximizing shareholder returns under tough stock market conditions. However, CureVac and Supernus are among firms recently able to access new cash – $250m and $150m, respectively.
The biotech’s share price jumps more than two-thirds as analysts hail top-line Phase I/II data as better than expected. Vaxcyte hopes to hold Phase III planning discussions with the FDA in 2023.
Special purpose acquisition companies can bring biopharma firms to market faster than a traditional initial public offering, but frequent failures and increased scrutiny from the US Securities and Exchange Commission mean their heyday in the life sciences space is arguably over.