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Finance Watch: Syndax Has A Standout Post-ASH Offering As Peers Scramble For Cash

Others Are Less Lucky, Opting To Cut Programs, Jobs

 
• By Mandy Jackson

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.

Finance Watch Public Company
• Source: Alamy

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.

That’s why Syndax Pharmaceuticals, Inc.’s recent offering stood out. The company grossed $230m when it closed a FOPO of 12.43 million shares at $18.50 each on 19 December

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