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Finance Watch: PTC Secures Up To $1bn In Funding From Blackstone

Public Companies Seek Alternative Financing Options

 
• By Mandy Jackson

Public Company Edition: PTC will get $350m up front as part of an initial $500m commitment. Also, while Biohaven and Vaxcyte launched traditional follow-on offerings, Recursion and Agios took the private placement and royalty sale routes, while others revealed job cuts and other strategic updates. 

Finance Watch Public Company
• Source: Alamy

Many public biopharmaceutical companies have turned to alternatives other than follow-on public offerings (FOPOs) this year to fund their research and development programs while stock prices have been under pressure from macroeconomic and other concerns. PTC Therapeutics, Inc. has seen its valuation fluctuate through 2022, closing as low as $25.60 in mid-June and as high as $54.79 in mid-October, but it has secured access to as much as $1bn from the private equity firm Blackstone.

PTC announced on 27 October that it will receive $350m of an initial $500m commitment at closing under its agreement...

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