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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