Finance Watch: Will Biotech Stock Rebound Keep IPOs Coming?

Rain Therapeutics, Impel NeuroPharma Go Public As Valuations Rise

 
• By Mandy Jackson
  
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Public Company Edition: The Nasdaq Biotechnology Index appears to be in recovery from an earlier slide, but still has ground to make up. Also, Jazz sold $1.5bn worth of notes and Zai Lab closed an $823.9m follow-on offering.

Finance Watch

Two drug developers went public – Rain Therapeutics Inc. and Impel NeuroPharma, Inc. – late on 22 April, closing out a week that ended with the Nasdaq Biotechnology Index (NBI) in positive territory. A rising NBI was not so remarkable in 2020 when a record number of biopharmaceutical companies launched initial public offerings, but in 2021 the index has fallen substantially from its February peak.

To date, the performance of the NBI and other closely watched barometers of biotech stock valuations, such as the iShares...

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Merck’s immuno-oncology blockbuster was the world’s best-selling drugs by revenues for the second year in a row, with an almost $12bn lead over its closest rival, Novo Nordisk’s GLP-1 drug Ozempic.

Finance Watch: More Than $4.2bn Raised Across Four New VC Funds

 
• By Mandy Jackson

Private Company Edition: ARCH raised more than $3bn for its eighth fund, Frazier added $630m to its public fund that also can back crossover rounds, DCVC’s third biotech fund totaled $400m and Asabys raised €180m ($200m) for its second fund. Also, Aktis closed a $175m series B round.

Finance Watch: GondolaBio, BridgeBio’s Second Spinout Of 2024, Launches With $300m

 
• By Mandy Jackson

BridgeBio spun out oncology assets in May to focus on rare diseases and now it has sliced off a few rare disease candidates for GondolaBio. Also, Avidity and Kymera closed follow-on offerings that grossed $345.1m and $225m, respectively, and Vandria extended its series A round to $30.7m.

Finance Watch: Lykos Implements 75% Workforce Reduction After FDA Rejection

 
• By Mandy Jackson

Restructuring Edition: Lykos recruited a J&J veteran to help its slimmed-down staff resubmit its MDMA-based PTSD therapy. Also, Lexicon cut its field force by 50%, or 75 jobs; Viracta cut its solid tumor program and 23% of its workforce; and Boundless Bio streamlined with moderate job cuts.

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Finance Watch: More Than $4.2bn Raised Across Four New VC Funds

 
• By Mandy Jackson

Private Company Edition: ARCH raised more than $3bn for its eighth fund, Frazier added $630m to its public fund that also can back crossover rounds, DCVC’s third biotech fund totaled $400m and Asabys raised €180m ($200m) for its second fund. Also, Aktis closed a $175m series B round.

Pentixapharm Poised To Make A Splash In The Radiopharmaceuticals Pool

 
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The German group is spinning off from Eckert & Ziegler and listing in Frankfurt, though a leap to the NASDAQ will likely follow once it has more data on a lymphoma theranostic.

MBX, Zenas And Bicara IPOs Generate Big First Day Returns, But Will They Last?

 
• By Mandy Jackson

MBX, Zenas and Bicara delivered positive returns in their first days of trading, but that has not always translated to good long-term results for drug developers that launched US IPOs this year.