Merging with a special purpose acquisition corporation (SPAC) can be an attractive alternative to an initial public offering for biopharmaceutical companies looking to go public, but SPACs have begun to lose their luster as stock market conditions make this financial tool more challenging.
Finance Watch: SPACs Lose Their Luster As Difficulties Mount
ProKidney Announces, Gemini Closes SPAC Mergers
Public Company Edition: While panelists at Biotech Showcase argued merging with a special purpose acquisition corporation is not as attractive as it used to be, firms continue to pursue this go-public alternative. Also, Hillstream launched a small IPO and Cytokinetics accessed cash from Royalty Pharma.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Kyoto-based venture moves HQ to California to expand R&D and business outreach for its regulatory T-cell technology, as it raises around $46m in public and private funding.
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The Belgian firm banks nearly €77.7m to push its Charcot-Marie-Tooth to proof-of-concept.
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A new report from a domestic institute on South Korea’s biopharma M&A trends shows a pickup in activity, but that this remains relatively weak and small-scale. It calls for broader domestic government support to build expertise, drive innovation and globalization.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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The head of the Spanish medical dermatology specialist told Scrip that maintaining the status quo will only result in the continent’s life sciences sector slipping further behind the US and China.
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Stakeholders are pleading for newly confirmed FDA Commissioner Martin Makary to stand up for the agency's high scientific standards and staff as he begins his term.