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Finance Watch: Karuna, Cerevel And Others Benefit From Improving Biotech Sentiment

Follow-On Offerings Follow Positive Data Readouts

 
• By Mandy Jackson

Good news in the biopharma industry and the US economy gave public drug developers the boost they needed to raise cash, including Karuna’s $750m offering. Private company financings slowed during the second week of August, but Prellis and Vector BioPharma raised venture capital.

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• Source: Shutterstock

The biopharmaceutical industry showed in multiple ways during the second week of August how a rising tide lifts all ships. Signs that the US may be able to avoid a recession – low unemployment rates and stabilizing inflation – improved investor sentiment overall and good biopharma news in the form of multibillion-dollar deals and positive data readouts helped lift valuations across the industry.

August’s second week began with Pfizer Inc.’s planned $5.4bn purchase of Global Blood Therapeutics, Inc., strengthening investors’ faith...

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