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Finance Watch: SPACs Lose Their Luster As Difficulties Mount

ProKidney Announces, Gemini Closes SPAC Mergers

 
• By Mandy Jackson and Jung Won Shin

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. 

Finance Watch Public Company
• Source: Alamy

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.

“SPACs have been around for a long time and they got really hot during the pandemic, and there was a...

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