Growth

Public Company Edition: Upstream grossed $255m and CAMP4 raised $75m in October’s first initial public offerings. In follow-on offerings, Crinetics and Scholar Rock brought in $500m and $300m, respectively. Also, Turnstone cut 60% of its workforce and Gritstone filed for bankruptcy.

Dealmaking trends in 2024 point toward a healthier financial ecosystem than in 2023. However, with a challenging three quarters in 2024, enthusiasm should be curbed as 2024 rounds out in a slow and steady manner.

Business development leaders from AstraZeneca and Novartis and a biotech CEO get frank about what they want from the other side, highlighting the need for transparency during competitive negotiations, plus a shared spark of enthusiasm about pursuing novel science.

Public Company Edition: Septerna, Apimeds, CAMP4 and Upstream filed paperwork with the SEC aiming to take advantage of renewed investor interest in IPOs. Also, Biohaven closed a $287.5m offering and Grifols subsidiary GigaGen obtained up to $135m from BARDA.

Maxwellia is inviting 100 investors to contribute to the “development of new healthcare solutions that will benefit millions, while also playing a role in shaping the future of self-care.”

Teva’s CEO Richard Francis has spoken candidly about the steps he has taken in order for Teva to reclaim its credibility, underpinned by the company’s ‘Pivot to Growth’ strategy.

Public Company Edition: BioAge will fund a Phase II trial of its muscle atrophy prevention drug in combination with an obesity drug with its initial public offering proceeds. Also, Ascendis and Wave raised $281.3m and $200m, respectively, after positive clinical trial readouts.

Profit warnings from CDMOs ring a warning bell that pharma is cutting its early research spend. What impact will spending controls and the tsunami of AI have on the pharmaceutical industry's R&D investments?   

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.

MBX, Zenas and Bicara delivered positive returns in their first days of trading, but that has not always translated to good long-term results for drug developers that launched US IPOs this year.