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 Sciences Inc., which is focused on biotechnology opportunities and was sponsored by affiliates of frequent biotech investor Casdin Capital LLC and Corvex Management LP. CM Life Sciences grossed $442.75m on 4 September when it closed the sale of 44
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