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Investing in oncology has diminished as more focus goes to clinical-stage firms, while investment in preclinical companies in areas like neurology has been heating up.
Public Company Edition: Denali, Crinetics and Ocular Therapeutix grossed $500m, $350m and $325m, respectively, in private placements ahead of data readouts. Also, Viking raised $550m after its positive Phase II obesity data and Abingworth invested $210m in Gilead’s Trodelvy NSCLC trials.
The US market for biopharma initial public offerings is expected to return to a more normal level in 2024, according to experts at the BIO CEO & Investor Conference.
Private Company Edition: With its lead program in the clinic, Frontier’s $80m series C round will fund trials for additional programs. Also, ORI raises $260m for second fund, Earlybird closed a €173m ($187.1m) fund, Areteia’s series A grew to $425m and Sudo’s series B increased to $147m.
The University of Nottingham spin-out has raised £7.5m for a candidate that could halt the progression of peripheral arterial disease in diabetics.
Restructuring Edition: The financial market is beginning to perk up after a decline in biopharma financings at the end of 2023, but some companies still are struggling to stay afloat after assessing their strategic options, like Merrimack and LianBio, which announced plans to dissolve.
The company will now focus on maximizing uptake of its lupus nephritis treatment Lupkynis.
Public Company Edition: Fourth quarter 2023 fundraising fell 25.1% from Q4 2022, including a 24.2% drop in follow-on dollars, but recent activity has been robust, including $300m and $350m offerings by 4DMT and Autolus. Also, BMS sold $13bn in notes to fund Karuna and RayzeBio deals.
The start-up is aiming to develop a NaV1.8 inhibitor for pain, but previous efforts here have met with more failure than success.
The company completed a $170m series D round and plans to start trials combining the drug with GLP-1 agonists like Eli Lilly’s Zepbound in mid-2024.
Having adopted a similar model to set up Centessa, investment firm Medicxi is merging six of its portfolio companies to create an ambitious immuno-dermatology group.
Kyverna CEO Peter Maag spoke with Scrip about the company’s five-year overnight success after its well-received IPO. Metagenomi and Telomir also went public in the US in smaller offerings.
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