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Three IPOs, Three SPAC Mergers, But One Company Opted Out

Talaris, Valneva, Anebulo Make 43 US Biopharma IPOs In 2021

 
• By Mandy Jackson

Three firms launched initial public offerings during the first week of May, but Gyroscope postponed its IPO while Jasper, Science 37 and Roivant took the special purpose acquisition corporation route.

SPAC vs IPO symbol on dollar bill background
Three companies launched IPOs grossing $264.5m, while three SPAC mergers with concurrent PIPE financings will raise up to $1.1bn • Source: Alamy

Six biopharmaceutical companies traveled down a path toward the US stock market during the first week of May, but half took the initial public offering route and the other half decided to go public by merging with a special purpose acquisition corporation (SPAC). A seventh company, Gyroscope Therapeutics plc, was driving toward an IPO earlier in the week, but on 7 May it stalled out.

London-based gene therapy firm Gyroscope would have had the largest first-time offering of the week at its proposed terms of 6.75 million American depository shares (ADSs) at $20-$22 each, but the company said it postponed the IPO “in light of market conditions.” (See sidebar

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