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Finance Watch: Big Money In Post-Data Follow-On Offerings

With Cash Limited, Others Cut Programs, Jobs

 
• By Mandy Jackson

Public Company Edition: Insmed grossed $650m, Structure raised $476m and Merus brought in $400.2m after positive clinical trial results. But while CARGO raised $110m in a private placement and Day One sold a priority review voucher for $108m, Ikena, Takeda and others cut jobs.

Finance Watch Public Company
• Source: Alamy

Insmed Incorporated, Structure Therapeutics, Inc. and Merus N.V. raised more than $1.5bn combined in recent follow-on public offerings (FOPOs), taking advantage of a spike in investor interest and their surging stock prices after announcing positive clinical trial results.

Bridgewater, NJ-based Insmed’s stock price more than doubled to $48.06 on 28 May when it reported positive results from the Phase III ASPEN trial of brensocatib in non-cystic fibrosis bronchiectasis and it priced a FOPO of 12.62 million shares at $51.50 each to gross $650m on 30 May

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