Finance Watch: No Big Post-ASCO Follow-On Frenzy, But Biotech Had A Good Week
SPAC On, SPAC Off As Anew Goes Public, Greenlight Goes Private
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.
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Restructuring Edition: FibroGen follows its clinical setback with a 32% reduction in force, cutting 104 jobs. Also, Amarin named a new CEO, but cut all US sales and 30% of non-sales US roles, and 9 Meters is headed for dissolution after Chapter 7 bankruptcy, while several others seek strategic alternatives.
Lexicon gets broad indication across heart failure for its dual SGLT1/2 inhibitor, which will be positioned against Lilly/BI’s Jardiance and AstraZeneca’s Farxiga.
Ionis will launch its first commercial product through a co-commercialization agreement with AstraZeneca early next year, in preparation for its first wholly-owned drug launches soon to follow.