Private investment in public equity (PIPE) transactions continue to be an important means of fundraising for publicly traded biopharmaceutical companies while the financial markets continue to recover, even with follow-on public offerings (FOPOs) surging. Biomedtracker data show that the amount of money raised in PIPEs, FOPOs and initial public offerings globally during the first three quarters of 2024 has far outpaced the first three quarters of 2023.
Finance Watch: PIPEs Still Key Even As FOPO Fundraising Climbs
PTC Raises $150m In A PRV Sale
Public Company Edition: Biomedtracker data show the amount of money raised in both PIPEs and follow-on offerings surging in 2024. Olema and Cidara raised $250m and $105m, respectively, in recent private placements, while Spyre and Replimune grossed $200m and $140m in FOPOs.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.
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Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.
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Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.
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Pharma executives and investors are waiting with bated breath to find out if President Trump will include drugs in a new round of tariffs to be announced on 2 April.
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After failing a Phase II monotherapy study in early Parkinson’s, Cerevance will focus on adjunctive therapy without abandoning the monotherapy concept.
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