Finance Watch: Denali, Avidity And Others Chase Big Money Via Private Placements

Chromocell Launches 8th IPO Of 2024

 
• By Mandy Jackson
  
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Public Company Edition: Denali, Crinetics and Ocular Therapeutix grossed $500m, $350m and $325m, respectively, in private placements ahead of data readouts. Also, Viking raised $550m after its positive Phase II obesity data and Abingworth invested $210m in Gilead’s Trodelvy NSCLC trials.

Finance Watch Public Company
• Source: Alamy

The market for biopharmaceutical company initial public offerings and follow-on public offerings has become more friendly this year, but some firms still are circumventing the public offering route and pursuing private investment in public equity (PIPE) financings to extend their cash runways. Denali Therapeutics Inc., Avidity Biosciences, Inc., Crinetics Pharmaceuticals, Inc. and Ocular Therapeutix, Inc. recently cashed in, grossing nearly $1.6bn between them from PIPE investors.

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