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 period where it seemed like they were the magic carpet ride to going public – and I think that period is over,” Camille Samuels, a partner at the venture capital firm Venrock, said in a 12 January financial outlook panel
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