'Not in to­day's mar­ket': As Am­gen, Bris­tol My­ers back an­ti­body start­up BigHat, bear mar­ket keeps IPO win­dow shut tight

A pri­vate an­ti­body start­up is pulling in some new cash to con­tin­ue ad­vanc­ing its dis­cov­ery-stage pro­grams, re­cruit­ing some big back­ers in the process. But in con­trast to the IPO bo­nan­za from mid-2020 to late-2021, the com­pa­ny won’t be jump­ing to Nas­daq any­time soon, em­phat­i­cal­ly re­ject­ing the idea of go­ing pub­lic dur­ing the cur­rent bear mar­ket.

BigHat Bio­sciences put to­geth­er a $75 mil­lion Se­ries B to push for­ward five pre-IND drug can­di­dates, the com­pa­ny an­nounced Wednes­day morn­ing. The raise ex­tends the com­pa­ny’s run­way by about two and a half years, CEO Mark De­Pris­to tells End­points News, but the chal­lenges the bear mar­ket presents will like­ly pre­clude an IPO in that time­frame.

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