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Finance Watch: BridgeBio’s Oncology Spinout Reveals Go-Public Plan

 
• By Mandy Jackson

Public Company Edition: BridgeBio Oncology Therapeutics will merger with a SPAC and raise $450m. Also, BridgeBio Pharma priced $500m in notes and Solid grossed $200m in a follow-on offering, while Idorsia restructured debt and a deal after a planned transaction fizzled out.

Finance Watch Public Company
• Source: Alamy

BridgeBio Oncology Therapeutics (BBOT), the cancer drug company spun out of rare disease-focused BridgeBio Pharma in May 2024 with $200m in venture capital financing, announced on 28 February that it will go public by merging with Helix Acquisition Corp. II, a special purpose acquisition corporation (SPAC). The SPAC merger and a concurrent private investment in public equity (PIPE) financing are expected to give BBOT up to $450m in new funding.

The venture capital raised to support BBOT’s initial launch last year was expected to fund the oncology-focused drug developer’s operations for 18-24 months

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Finance Watch: Prime, Kyverna, Allogene And More Announce Job Cuts

 
• By Mandy Jackson

Restructuring Edition: Prime Medicine ended its sole clinical-stage program to prioritize preclinical and partnered programs, cutting 25% of its workforce to extend its cash runway. Meanwhile, earnings season brought workforce reductions at Kyverna, Allogene, Leap and others.

Finance Watch: Funding Alternatives Become The Norm In Tough Public Markets

 
• By Mandy Jackson

Public Company Edition: With fewer follow-on offerings, drug developers are pursuing other options. Axsome accessed up to $570m in debt, Evolus obtained $250m in a new credit facility and Abeona raised $155m from a PRV sale, but Apimeds was able to execute a small $13.5m IPO.

Finance Watch: Deerfield Closes $600m-Plus VC Fund; Gates Speeds Up Health Investments

 
• By Mandy Jackson

Private Company Edition: Deerfield’s third innovations fund will back therapeutics and other opportunities, the Gates Foundation – a sometimes funder of biotech firms – will spend $200bn over the next 20 years, and NewLimit raised a $130m series B round, among other financings.

Finance Watch: Unity Lays Off All Employees As It Evaluates Alternatives

 
• By Mandy Jackson

Restructuring Edition: Unity unveiled more Phase IIb data for lead asset UBX1325 along with plans to shed its workforce while seeking a partner for it and other drugs. Also, Ono is consolidating US employees at one site, Entrada is cutting its workforce by 20% and other recent strategic shifts.

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End Is Nigh For 4SC After EMA’s No For Kinselby

 
• By Kevin Grogan

The German biotech has discontinued the oral HDAC inhibitor for cutaneous T-cell lymphoma.

In Brief: Tourmaline Reports Positive Topline Phase II Results for Pacibekitug In CKD

 
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Based on first positive results for any quarterly IL-6 inhibitor, company plans to initiate Phase III cardiovascular outcomes trial.

Japan Pharma Sees US Revenues Grow But Policy Impact Still Unclear

 
• By Lisa Takagi

Japanese majors put in generally solid performances in the fiscal year ended 31 March, but overseas revenues and forex effects, rather than the domestic market, provided most of the growth.