Silicon Valley Bank’s Failure Rattles Investors In Biopharma Sector
Investment bank analysts, VC funds and biopharma companies all sought to calm investors’ nerves as a go-to financial institution for tech and biotech collapsed.
You may also be interested in...
Public Company Edition: The closure of Silicon Valley Bank sank biotech stocks in the first full week of March, but valuations rose the next week when two big acquisitions were announced. Also, J&J’s consumer health spinout sold $7.75bn in notes ahead of its future IPO and Karuna grossed $400m in a follow-on offering.
The British government helped secure HSBC as a buyer for SVB UK, but sector leaders want to see more support in the shape of sustained R&D tax relief.
The second half of 2022 saw a downturn in fundraising by venture capital firms, and panelists at BIO CEO said that could spell trouble in 2023.