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Latest From HilleVax, Inc.
Public Company Edition: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.
During Q2, biopharmas brought in an aggregate $12.5bn in financing and device company fundraising totaled $3.7bn; while in vitro diagnostic firms and research tools players raised $720m.
The 14 biopharma firms that went public during the first half of the year generated a 25% average return, helped by an outlier whose value rose 585%. Excluding Belite Bio, the -18% return for the IPO class of 2022 is more representative of current market realities.
Private Company Edition: Biomedtracker found that 53% of financings during the first quarter were venture capital deals versus 32% in Q1 of last year. Also, Qiming closed a $260m fund, Transition Bio raised a $50m series A round, ProfoundBio completed a $70m series A+ and MycoMedica raised $60m.
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