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Finance Watch: Gossamer Works Around The Shutdown To Price Its $230m IPO

 
• By Mandy Jackson, Kevin Grogan, and Jo Shorthouse

Gossamer took an infrequently used path to go public during a US government shutdown that's kept the SEC from processing new offerings. Also, IPO filings (and withdrawals) and follow-on offerings continued during the shutdown, while VC deals keep up a brisk pace.

Finance Watch

Gossamer Bio Inc. emerged from stealth mode with a lot of fanfare in 2018, revealing a $100m Series A venture capital round in January and a $230m Series B round in July. And it appears that the company's foray into the stock market – during a US government shutdown that kept the Securities and Exchange Commission (SEC) from processing new public offerings – will be notable as well.

San Diego-based Gossamer indicated in a Dec. 21 SEC filing that it intended to raise up to $264.5m in a forthcoming initial public offering to fund its drug development activities in autoimmune and inflammatory diseases, allergies and cancer. (Also see "IPO Update: Returns Run Red For Most Biopharma Firms That Went Public In The US Last Year" - Scrip, 5 January, 2019

More from Financing

Switzerland Biopharma To Stay Strong Despite More Cash Going To US And China

 
• By Kevin Grogan

The sector is continuing to show resilience despite financial and market challenges.

Finance Watch: Unity Lays Off All Employees As It Evaluates Alternatives

 
• By Mandy Jackson

Restructuring Edition: Unity unveiled more Phase IIb data for lead asset UBX1325 along with plans to shed its workforce while seeking a partner for it and other drugs. Also, Ono is consolidating US employees at one site, Entrada is cutting its workforce by 20% and other recent strategic shifts.

Finance Watch: Biohaven Gains Up To $600m In Fresh Capital

 
• By Mandy Jackson

Public Company Edition: Biohaven secured $250m up front from Oberland Capital to support its future US troriluzole launch after pulling its EU filing. Also, Procaps arranged $130m in private equity and Rezolute grossed $96.9m in a rare follow-on offering, among other financings.

Scrip M&A Podcast: Will FDA Staff Cuts Impact Biopharma Dealmaking?

 
• By Joseph Haas

Attorneys Andrew Goodman and Alan Minsk, as well as Naya CEO Daniel Teper, discussed the ramifications of US FDA staff cuts on M&A activity with Scrip senior writer Joseph Haas.

More from Business

Stock Watch: Market Optimism Outshines Q1 Currency And Tariff Woes

 
• By Andy Smith

The weak US dollar helped some companies reporting first-quarter results and hindered others reporting in stronger currencies. But even the impacts of currencies and Medicare modernization on first-quarter revenues were overlooked when an end to the trade wars seemed possible.

Quick Listen: Scrip’s Five Must-Know Things

 
• By Ian Haydock

In this week's episode: AstraZeneca CEO cautions Europe; Pfizer CEO optimistic on US tariffs, pricing; Merck & Co reassures on pipeline; Merck KGaA buys SpringWorks; and Akeso explains ivonescimab overall survival data.

Vertex Sinks On Below-Consensus Revenue, Limited Sales From New Launches

 
• By Mandy Jackson

Vertex is in need of diversification, but in addition to its lower-than-expected Q1 revenue, sales of the company’s newest CF drug Alyftrek and pain medicine Journavx disappointed.