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Finance Watch: Two SPAC Deals, Two IPOs Take Four Biopharmas Public

Surrozen Merging With Consonance-HFW Acquisition, Raising $212m

 
• By Mandy Jackson

Public Company Edition: Mergers with special purpose acquisition corporations may be heating up, but in addition to the Surrozen and Tango SPAC deals Recursion and Biomea launched initial public offerings. Also, Organon sells $5.6bn worth of notes to fund spinout from Merck & Co.

Finance Watch

Surrozen Inc. is raising $212m in 2021 as it prepares to enter the clinic in 2022, going public through a merger with the special purpose acquisition corporation (SPAC) Consonance-HFW Acquisition Corp. Surrozen, which is focused on tissue repair and regeneration through selective activation of the Wnt pathway, will garner $92m held in trust by the SPAC when the merger closes and raise $120m from a concurrent private investment in public equity (PIPE) financing.

The Surrozen/Consonance-HFW merger announced on 15 April was the second SPAC merger unveiled by a preclinical biopharmaceutical company in two days; on 14 April, Tango Therapeutics, Inc. revealed its...

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Finance Watch: Public Company Fundraising Sank Across The Board In Q1

 
• By Mandy Jackson

Public Company Edition: Biomedtracker’s first quarter 2025 financing report shows follow-on offerings, IPOs and PIPEs fell sharply from Q1 of 2024. In recent transactions, Teva sold $2.3bn worth of notes, Regenxbio executed a royalty deal for up to $250m and Aura’s FOPO grossed $75m.

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Finance Watch: Prime, Kyverna, Allogene And More Announce Job Cuts

 
• By Mandy Jackson

Restructuring Edition: Prime Medicine ended its sole clinical-stage program to prioritize preclinical and partnered programs, cutting 25% of its workforce to extend its cash runway. Meanwhile, earnings season brought workforce reductions at Kyverna, Allogene, Leap and others.

Finance Watch: Funding Alternatives Become The Norm In Tough Public Markets

 
• By Mandy Jackson

Public Company Edition: With fewer follow-on offerings, drug developers are pursuing other options. Axsome accessed up to $570m in debt, Evolus obtained $250m in a new credit facility and Abeona raised $155m from a PRV sale, but Apimeds was able to execute a small $13.5m IPO.

More from Financing

Finance Watch: Prime, Kyverna, Allogene And More Announce Job Cuts

 
• By Mandy Jackson

Restructuring Edition: Prime Medicine ended its sole clinical-stage program to prioritize preclinical and partnered programs, cutting 25% of its workforce to extend its cash runway. Meanwhile, earnings season brought workforce reductions at Kyverna, Allogene, Leap and others.

Affimed’s ASCO ‘Hail Mary’ As Survival Chances Slim

 
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The German biotech has been forced into insolvency and NASDAQ suspension.

Hengrui Set For Biggest Biopharma IPO So Far This Year

 
• By Dexter Jie Yan

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