U.S. and EU Healthcare Market Update
Week ended July 14th, 2023
Back Bay’s investment banking team tracks biopharma and medtech-healthtech deals across every stage and sector.
The following is a snapshot of deals of note from across the industry.
MARKETS OVERVIEW
All major indexes rallied this week as investors digested further optimistic inflation data and a stronger-than-expected start to earnings season
Inflation cooled to a 3% June, its slowest place in 2 years
NASDAQ 100 notched its best ever 1H performance
The NBI closed the week in green, with ACADIA Pharmaceuticals (NASDAQ: ACAD) and Immunovant (NASDAQ: IMVT) being two of the biggest winners
Shares of ACADIA Pharmaceuticals shot up nearly 23% on July 14th due to the announcement of their agreement with Neuren Pharmaceuticals (AU: NEU) to develop trofinetide (for the treatment of Rett syndrome) outside of North America
PUBLIC MARKETS
This week there were 1 Follow-On offerings, 1 PIPE and 3 IPOs
IPOs Completed this week: 60 Degrees Pharma (NASDAQ: SXTP), Sagimet Biosciences (NASDAQ: SGMT), and Apogee Therapeutics (NASDAQ: APGE)
Apogee Therapeutics (NASDAQ: APGE) raised $300M on the NASDAQ on July 14th to fund their antibody therapeutic pipeline which targets atopic dermatitis (AD) and chronic obstructive pulmonary disease (COPD)
Upcoming IPOs: Biolingus (NASDAQ: SUBL), MIRA Pharmaceuticals (NASDAQ: MIRA), F3 Platform Biologics (NASDAQ: JDRR), Turnstone Biologics (NASDAQ: TSBX), Advanced Biomed (NASDAQ: ADVB)
Iovance Biotherapeutics (NASDAQ: IOVA) raised ~$162M in a Follow-On offering to fund preparations for the commercial launch of lifileucel
