Follow-on public offerings (FOPOs) have become increasingly difficult to execute in the current financial market climate with public biopharmaceutical company valuations plummeting, so many drug developers have turned to alternative measures for raising fresh capital, including debt agreements and royalty sales in addition to pursuing private placements and registered direct offerings (RDOs) instead of a typical FOPO.
Finance Watch: Syndax Has A Standout Post-ASH Offering As Peers Scramble For Cash
Others Are Less Lucky, Opting To Cut Programs, Jobs
Public Company Edition: Syndax grossed $230m in a follow-on public offering based on positive results for its menin inhibitor in leukemia, but the FOPO was an outlier relative to other companies, which relied on private placements, debt and other options to raise cash in a tough market.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Kyoto-based venture moves HQ to California to expand R&D and business outreach for its regulatory T-cell technology, as it raises around $46m in public and private funding.
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The Belgian firm banks nearly €77.7m to push its Charcot-Marie-Tooth to proof-of-concept.
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A new report from a domestic institute on South Korea’s biopharma M&A trends shows a pickup in activity, but that this remains relatively weak and small-scale. It calls for broader domestic government support to build expertise, drive innovation and globalization.
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Stakeholders are pleading for newly confirmed FDA Commissioner Martin Makary to stand up for the agency's high scientific standards and staff as he begins his term.
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Plus deals involving Relmada/Trigone, Alvotech/Xbrane, OPKO Health/Entera, iOncologi/TargImmune and more.
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With its exon 53-skipping candidate already showing promise in 24-week data, Wave now has 48-week data showing improvements in muscle health and functional outcomes.