Finance Watch: Summer Ends, But Fundraising Heats Up For ArsenalBio, Vaxcyte

ArsenalBio closed one of the largest VC rounds so far in 2024, raising $325m in series C funding, while Vaxcyte grossed $1.3bn in a follow-on offering. Also, Circle Pharma closed a $90m series D round and Jazz priced an $850m note sale, but IN8bio revealed a prioritization plan and job cuts.

Finance Watch Image
• Source: Shutterstock

Summer may be over, but the heat is rising in the world of biopharmaceutical financings with some big private and public company financings announced just after the 2 September Labor Day holiday, the de facto end of summer in the US. Arsenal Biosciences, Inc. (ArsenalBio) unveiled one of the largest venture capital financings so far this year, to fund clinical development of its autologous programmable chimeric antigen receptor T-cell (CAR-T) therapies for solid tumors.

Only a handful of VC rounds in 2024 have been larger than ArsenalBio’s $325m series C financing announced on 4...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required

More from Finance Watch

Finance Watch: Two New Venture Capital Funds Provide $600m For Biopharma

 
• By 

Private Company Edition: Catalio raised more than $400m for its fourth health care-focused VC fund, while AN Venture Partners raised $200m for Japan and beyond. In VC financings, among a dearth of mega rounds, Neuron23’s $96.5m series D is the largest round in recent weeks.

Finance Watch: A Mini-Surge In Follow-On Offerings Follows Positive Updates

 
• By 

Public Company Edition: A breakthrough designation, data and deals prompted big follow-on public offerings in late June and early July, including $402.5m for Cidara, $250.8m for Kymera and $230m for Dyne. Also, Revolution Medicines accessed up to $2bn from Royalty Pharma.

Finance Watch: Scorpion Spinout Antares Launches With $177m For Precision Medicines

 
• By 

Private Company Edition: Antares’ lead asset will enter the clinic in 2026 after Lilly committed up to $2.5bn for Scorpion’s Phase I/II PI3Kα inhibitor STX-478. Also, Amplify raised $200m for its first biotech VC fund and Mosanna raised an $80m series A round, among other financings.

Finance Watch: Insmed Cashes In On Positive Data With $750m Offering

 
• By 

Public Company Edition: Insmed raised $750m after reporting positive Phase IIb data in PAH, Cogent accessed up to $400m in new debt, Kelun-Biotech netted $250m in a placement of shares and ADC revealed a $100m private placement. In strategic updates, Recursion cut 20% of its jobs.

More from Financing

Venture Funding Plummets In Q2 As Mega-Rounds Falter

 
• By 

Evaluate’s second quarter data show that VC rounds of $100m or more totaled $2.36bn, down from $5.25bn in Q2 of 2024. Overall, the Q2 total dropped year-over-year to $4.92bn from $7.95bn.

Finance Watch: A Mini-Surge In Follow-On Offerings Follows Positive Updates

 
• By 

Public Company Edition: A breakthrough designation, data and deals prompted big follow-on public offerings in late June and early July, including $402.5m for Cidara, $250.8m for Kymera and $230m for Dyne. Also, Revolution Medicines accessed up to $2bn from Royalty Pharma.

BerGenBio Plumps For Oncoinvent From Long List Of 50 Suitors

 
• By 

The merger with a fellow Norwegian biotech comes a few months after its lead asset, bemcentinib, bit the dust.