Finance Watch: One Small Pain Drug Maker And Three Biotech SPACs Launch IPOs

After a brief lull in US initial public offerings, PainReform and three special purpose acquisition companies kicked off September’s IPOs. Also, Immunovant offering grossed $173.9m, Carlyle Group bought 5% stake in China’s Salubris and Erasca increased its series B to $236m.

The summer of 2020 has been a busy one for US biopharmaceutical company initial public offerings, but after 14 in June and 12 in July there were just six in August – although that’s still the third most active month for IPOs by drug developers. The first IPO of September was a small one by PainReform in Herzliya, Israel, which grossed just $20m.

However, three special purpose acquisition companies (SPACs) also went public during the first few days of this month. The largest SPAC offering was launched on 1 September by CM Life...

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