Finance Watch: Biopharma IPOs Slow But SPACs Back On The Go

New Merck Debt Totals $8bn; ImmunoGen Raises $297.5m

Public Company Edition: It has been almost a month since a biopharma firm launched an IPO in the US, but special purpose acquisition corporations continue to take drug makers public, including Alvotech and Aerami. Outside the US, MaaT closed an IPO in Paris and BeiGene priced a Shanghai offering.

Public biopharmaceutical company valuations have taken a sharp turn into the red in the US during the past month, plunging the industry’s market for initial public offering into a drought. This trend reverses the flood of first-time offerings seen earlier this year when the number of drug developer IPOs surpassed the record set in 2020 before the end of the third quarter of 2021.

There were 102 IPOs in the US as of 11 November when Vaxxinity, Inc. launched its offering, which closed...

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