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Finance Watch: Public Markets Open Back Up For Biopharma Offerings

AN2 Launches First US IPO In More Than A Month

 
• By Mandy Jackson

Public Company Edition: An IPO and three big follow-on offerings hit the market but other public companies revealed plans to cut costs or reprioritize their R&D pipelines, signaling that uncertainty remains. 

Finance Watch Public Company
• Source: Alamy

Four biopharmaceutical companies saw an opening in the US stock market for new offerings and seized the opportunity before the window could shut again, launching an initial public offering, two follow-on public offerings (FOPOs) and a large sale of convertible notes to raise $1.62bn in a single day.

AN2 Therapeutics, Inc. grossed $69m in its IPO and Ascendis Pharma A/S grossed $500m from a convertible note sale on 24 March, while FOPOs by argenx N.V. and Apellis Pharmaceuticals, Inc. grossed $700m and $350m, respectively

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