Silicon Valley-based Social Capital and New York investor Suvretta Capital have priced upsized IPOs for four new special purpose acquisition companies (SPACs), each intended to address what founders Chamath Palihapitiya and Kishen Mehta described as "suboptimal" outcomes for biotech IPOs of late. Each blank check company, Biotech SPAC Social Capital Suvretta Holdings Corp. I, II, III, and IV, will be funded by a $220 million offering, selling shares at $10 each. They intend to invest in neurology, oncology, immunology, as well as diseases of the heart, kidney, endocrine system and blood.
Hutchmed Ltd., already listed in the U.S. and London, returned to home soil June 30 for a third IPO on the Hong Kong Stock Exchange that reaped HK$4.17 billion (US$537.2 million). The Hong Kong-based company is currently looking to score its first FDA approval to tap the U.S. market after three China approvals.
PERTH, Australia – Startup Currus Biologics Pty Ltd. has launched with a AU$10 million (US$7.5 million) series A round with the mission of improving the success of CAR T-cell therapies against solid tumors such as breast, ovarian and pancreatic cancers.
Sanofi SA is to invest around €400 million (US$477 million) annually into a vaccines mRNA Center of Excellence, as the company plays catch-up with upstart biotechs Biontech SE and Moderna Inc. Despite its high-profile Sanofi Pasteur vaccines unit, the French pharma was left behind in the race to develop COVID-19 vaccines after the two biotechs got their mRNA shots through trials and approved by regulators in record-breaking time.
Maintaining momentum for a rush of 2021 IPOs already on pace to beat 2020's record number, new offerings from Graphite Bio Inc., GH Research plc and Elevation Oncology Inc. raised nearly $500 million altogether on Friday. While shares of the first two fared well, climbing in their debuts, Elevation's shares (NASDAQ:ELEV) fell from $16 debut to $11.44 at the close, a 28.5% decline.
Vida Ventures, the venture capital firm co-founded by CAR T pioneer Arie Belldegrun, has closed an oversubscribed $825 million fund, bringing the total amount of assets under management to more than $1.7 billion.
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