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Finance Watch: Follow-Ons Bring In Big Post-Data Cash For Nuvalent And Others

Athira, Cidara, Oncternal And Connect Cut Jobs

 
• By Mandy Jackson

Public Company Edition: Follow-on public offerings brought in $500m for Nuvalent, $235m for Summit and $225m each for Centessa and Viridian after recent readouts. Also, Kairos raised $6.2m in this year’s 19th IPO, Bayer sold €750m ($834m) in bonds and an Ionis FOPO grossed $500.3m.

Finance Watch Public Company
• Source: Alamy

Biopharmaceutical companies celebrated recent positive data readouts with a slew of significant follow-on public offerings (FOPOs), including Nuvalent, Inc., which grossed $500m on 16 September from the sale of 5 million shares at $100 each after reporting data for two drug candidates in non-small cell lung cancer (NSCLC) at the European Society for Medical Oncology (ESMO) meeting two days earlier.

Nuvalent’s FOPO followed Summit Therapeutics Inc.’s 12 September sale of 10.35 million shares at $22.70 each to gross $235m and offerings from Centessa Pharmaceuticals plc and Viridian Therapeutics, Inc., which each grossed $225m on 12 and 11 September, respectively

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