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Finance Watch: No Big Post-ASCO Follow-On Frenzy, But Biotech Had A Good Week

SPAC On, SPAC Off As Anew Goes Public, Greenlight Goes Private

 
• By Mandy Jackson

Public Company Edition: Follow-on offerings did not surge after ASCO, but Day One and Cogent raised $150m-plus. Also, IQVIA and Ionis sold $1.25bn and $500m in notes, while Krystal and Lexicon grossed $160m and $125m from post-approval offerings.

Finance Watch Public Company
• Source: Alamy

The American Society of Clinical Oncology annual meeting often is followed by several follow-on public offerings (FOPOs) by small- to mid-sized public biotech companies reporting positive data at the meeting, but in the six days since the meeting only two cancer drug developers have raised cash in large post-ASCO offerings – Day One Biopharmaceuticals, Inc. and Cogent Biosciences, Inc.

The week was not a wash for publicly-traded biotechs, however, since overall stock valuations were boosted throughout the week of...

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