Finance Watch: Kenvue, Acelyrin Launch Biggest Biopharma IPOs Of 2023
SPAC Mergers Still A Go-Public Alternative For Some
Public Company Edition: J&J’s consumer health spinout Kenvue grossed $3.8bn in its public market debut and Acelyrin raised $540m in an upsized IPO. Also, Seres accessed $250m in new debt for Vowst commercialization while follow-on offerings raised $325m for ImmunoGen and $240m for Morphic.
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Venture capital and public market fundraising have grown increasingly difficult since 2021, but while there are glimmers of hope, the rules for who can raise venture cash or launch an IPO have changed.
Public Company Edition: Lexeo raised $100m to advance its genetic medicines. Also, Blue Owl Capital acquired funds managed by Cowen Healthcare Investments, gaining about $1bn in life science assets, BMS priced $4.5bn in notes to fund its Mirati purchase and Viridian raised $185m in a private placement.
A selective androgen receptor modulator also being studied in metastatic breast cancer, enobosarm might offer potential as add-on therapy to GLP-1 agonists prescribed for weight loss, the Miami biotech asserts.