Finance Watch: CARGO Gets A Lukewarm Reception After Stock Market Debut
Offering Is 21st Biopharma IPO In The US In 2023
Public Company Edition: CARGO Therapeutics grossed $281.3m, giving it the fifth-largest biopharma IPO this year. Also, Alkermes completed its cancer business spinout as Mural Oncology, which launched with $275m, and Xencor sold Ultomiris and Monjuvi royalties for $215m.
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Pipeline Watch is a weekly snapshot of selected late-stage clinical trial events and approvals announced by pharmaceutical and biotech companies at medical and industry conferences, in financial and company presentations, and in company releases and statements.
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.
The French biotech’s money concerns are over after a lucrative gene editing deal with AstraZeneca brings in an initial cash commitment of $245m and the possibility of many millions more.