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Big come­back? The Q1 re­port on biotech is in, and there’s been some sput­ter­ing

Deal­For­ma’s Chris Doko­ma­ji­lar has been run­ning the num­bers again and backs up some of the things we were al­ready pret­ty sure about — while rais­ing new ques­tions about just how deep and last­ing this biotech re­cov­ery can be.

At the top of the list of Q1 trends: PIPEs are brim­ming, fol­low-ons are up and the IPO win­dow is open — kind of.

Quite a few of the so-called so­phis­ti­cat­ed in­vestors — deep-pock­et play­ers who have been hang­ing out at the cor­ner of biotech and Wall Street for some time — turned to PIPEs for their next round of re­turns af­ter the IPO boom went bust at the end of the pan­dem­ic. And Doko­ma­ji­lar picked up on that with his chart il­lus­trat­ing 48 pri­vate­ly ne­go­ti­at­ed fundrais­ings for pub­licly trad­ed com­pa­nies that con­tributed to a record $4.4 bil­lion in PIPE cash for quite a few com­pa­nies that had found their val­u­a­tions un­der the gun.

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