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Finance Watch: Public Biopharma Firms Take Advantage Of Relative Upswing

Even Some Struggling Firms Manage To Float Offerings

 
• By Mandy Jackson

Public Company Edition: Prometheus brought in $500m from a follow-on offering after reporting positive mid-stage results for its TL1A inhibitor. Even Novavax, struggling to make money from its COVID-19 vaccine, raised cash in dual offerings, but its valuation dropped significantly afterward.

Finance Watch Public Company
• Source: Alamy

Broader stock market indices continue to swing wildly up and down as new data emerge showing that inflation is easing, but also that other parts of the economy continue to struggle. However, biotechnology indices and investment funds – like the Nasdaq Biotechnology Index (NBI) and XBI – continue to gradually climb higher as 2022 comes to an end. As a result, many public biotech firms have been able to raise cash following good data readouts and even after less positive news.

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