Finance Watch: SPAC Deals Stumble, Layoffs Continue As Valuations Struggle To Recover
Axcella, Sensei, Instil, TherapeuticsMD, Novartis Reveal Job Cuts
Aesther Healthcare Acquisition extended the deadline to merge with Ocean Biomedical, while Intrinsic Medicine no longer plans to go public by merging with a SPAC. In restructuring news, Otonomy begins liquidation, Celyad cuts last clinical program with cash running out and Clovis files for bankruptcy.
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Public Company Edition: Mallinckrodt entered into a restructuring support agreement with most of its debt holders and will de-list. Also, Aprinoia no longer plans to go public in a SPAC merger and Novartis, Agenus and Aravive revealed job cuts.
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.
Having taken the special purpose acquisition corporation route to list in the US, Switzerland's Oculis is waiting for some vital late-stage data, notably on OCS-01 for diabetic macular edema.