1. Scrip
  2. >>Business
  3. >>Financing

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

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

 
• By Mandy Jackson

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.

Finance Watch Public Company

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 on 18 November and grossed $85m. (Also see "Finance Watch: IPOs Slow As The US Holiday Season Begins" - Scrip, 23 November, 2021

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required
Start Free Trial

Already a subscriber?

More from Financing

Hengrui Set For Biggest Biopharma IPO So Far This Year

 
• By Dexter Jie Yan

Jiangsu Hengrui Pharmaceuticals is gearing up for what will be 2025's biggest biopharma IPO so far, hoping to raise up to $1.27bn on the Hong Kong Stock Exchange. China's top drug maker by pipeline size plans to use part of the proceeds to reboot its overseas clinical trials ambitions.

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.

‘Market Developments’ Persuade Galapagos To Rethink Spin-Off

 
• By Andrew McConaghie

CEO Paul Stoffels exits early to be succeeded by Henry Gosebruch, who will now consider ‘all options’ for the Belgian firm as it tries to claw back investor confidence.

Azafaros Banks Over €130m To Advance Nizubaglustat Into Phase III

 
• By Kevin Grogan

The therapy has been developed for GM1 and GM2 gangliosidoses and Niemann-Pick disease type C.

More from Business

Novo Nordisk Looks To Septerna For Oral Obesity Options

 
• By Mary Jo Laffler

Deal Snapshot: The Danish drugmaker is partnering with GPCR drug discovery expert Septerna to develop multiple small molecules for cardiometabolic targets.

AbbVie On MFN: ‘We Have To Take It Seriously’

 
• By Jessica Merrill

AbbVie chief commercial officer Jeffrey Stewart called Trump’s drug pricing plan a “disruption” but said ultimately the delta between US and EU drug prices may not be as high as some expect.

Industry Leaders Grapple With Trump’s MFN Pricing Plan

 
• By Jessica Merrill

At the Bank of America health care conference, pharma leaders speculated on what Trump’s executive order on drug pricing could mean for US and European drug prices.