Financing

Public Company Edition: Alumis grosses $250m after it planned to raise up to $317.7m in its IPO. Also, Zealand adds $1bn in a post-data offering, Tectonic and Eliem close $130.7m and $120m private placements to support recent mergers, and Ginkgo cuts 35% of its workforce.

On the back of a “truly one in a million” case, Ashibio has revived research into Gilead's discontinued asset andecaliximab after it showed promise in the ultra-rare musculoskeletal condition FOP.

Private Company Edition: J.P. Morgan raised more than $500m in its first venture fund and the Africa Health Security Investment Plan gained $2bn. Also, Marea launched with $190m, Iambic’s series B expanded to $150m, InduPro raised an $85m series A and Elion closed an $81m series B.

Dollars spent on biopharma M&A so far in 2024 may not be as high as in 2023, but dealmakers say deal volume is robust with many factors influencing the overall value of transactions this year.

Public Company Edition: Several special purpose acquisition corporations have emerged, including various health care- and life science-focused SPACs. Also, Alvotech entered into a $965m refinancing agreement and Avidity grossed $461m in a follow-on offering, among other updates.

The proceeds from the impressive series B financing will help progress roginolisib through Phase II trials.

The merger of Freeline and SwanBio is establishing an entity with secure financing to advance their respective gene therapies for Gaucher’s disease and adrenomyeloneuropathy.

In this week's podcast edition of Five Must-Know Things: Boehringer best in MASH?; biopharma funding on an upswing?; Moderna’s combo jab; clinical trial recover from pandemic; and Astellas’s US commercial head speaks. 

Private Company Edition: Scrip spoke with the leaders of Gateway Labs and Cure at the BIO International Convention about their mini ecosystems. Also, radiopharmaceutical firm ITM raised €188m ($201.9m), Santa Ana Bio emerged with $168m and Alzheon’s series E totaled $100m.

Investors, advisors and companies that have raised cash recently insist funding is available and IPOs are possible for drug developers that can clearly outline future clinical milestones.

Foresite Capital already has invested in multiple high-profile therapeutics firms with its sixth fund, including private Xaira, newly public CG Oncology, and Alumis, which is on the verge of an IPO.

The company formed around technology from the labs of MIT’s Robert Langer and Giovanni Traverso and already has a lead asset in the clinic.