Finance Watch

Public Company Edition: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.

Private Company Edition: ReCode’s series B venture capital round grew for a third time, now totaling $260m for precision genetic medicines. Also, DalCor closed an $80m series D, manufacturer Nephron amassed $350m, Hyku launched with a $56m seed financing and Magnet emerged with $50m.

Public Company Edition: Neumora grossed $250m and RayzeBio raised $311m in the first initial public offerings since early August. Also, ImmunityBio completes $470m in equity and debt financings, Bausch + Lomb sells $1.4bn worth of notes and Arbutus is among firms making cuts to conserve cash.

A mix of mega-rounds and smaller seed financings show investment happening at both ends of the venture capital spectrum. In public company financings, Gilead prices $2bn note offering, Biogen secures $1.5bn for Reata deal, Inhibrx completes a $200m PIPE and the IPO market shows new signs of life.

Private Company Edition: Genesis raised $200m, Rapport brought in $150m and Cellares closed a $255m round. Also, Ferring got $300m up front in a royalty deal, Fore Biotherapeutics raised a $75m series D and Vaxxas won a $3.67m Wellcome grant to advance a next-generation typhoid vaccine.

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.

Novartis revealed detailed terms and a 4 October spin-off date for Sandoz’s standalone debut. Also, MIRA launched a small IPO, but two firms plan to go public in SPAC mergers. Also, Mirati’s $345m offering leads follow-ons offerings and Sangon Biotech raised $290m in venture capital.

Restructuring Edition: Impel eliminated R&D spending earlier this year to focus on Trudhesa commercialization, but is examining all options, including bankruptcy, as its funding runs out. Also, Alaunos, BioXcel and others announce job cuts and strategic shifts during second quarter updates.

Private Company Edition: Recent venture capital mega-rounds of $100m or more include ADARx and Alltrna, which closed five days after CG Oncology brought in $105m. Also, Tisento launched with assets from Cyclerion and $81m in series A funding and Georgiamune raised a $75m series A round.

Public Company Edition: Sage will reveal cost reductions later in the third quarter after the US FDA approved zuranolone for the smaller of two depression indications. Also, Karyopharm revealed a 20% workforce reduction, Harmony accessed up to $185m in debt and Astellas invested $50m in Poseida.

Private Company Edition: Kriya raised the first $270m of its now $430m-plus series C venture capital round in May 2022 and has raised more than $600m to date. Also, Nexo launched with $60m in series A cash, Ossium brought in $52m in series A financing and cell therapy CDMO Kincell launched with $36m.

Public Company Edition: UroGen raised $120m in a private placement of ordinary shares. Also, Verrica entered into a debt financing for up to $125m upon approval of Ycanth for molluscum contagiosum and job cuts were announced by Homology, Mersana, Infinity and others.

Turnstone’s initial public offering comes just one week after Apogee and Sagimet launched US IPOs. Also, Westlake Village BioPartners raised $450m for its third venture capital fund and argenx grossed $1.27bn in a post-Phase III follow-on offering.

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.

Public Company Edition: Apogee grossed $300m and Sagimet raised $85m in the biggest initial public offerings in the US since Acelyrin’s $540m IPO in May. Also, Bausch entered into a $600m funding facility with KKR, Bicycle raised $200m in a FOPO and Caribou garnered $150m from an offering and Pfizer.

Private Company Edition: Fewer biotech companies raised venture capital in the second quarter, but the amount of capital raised was on par with the first quarter. Also, former BMS R&D exec Rupert Vessey joined Flagship Pioneering, two new VC funds emerged and Septerna raised a $150m series B round.