Are SPACs Good Or Bad For Biopharma?
Special Purpose Acquisition Companies (SPACs) homed in on the biopharma industry in 2020, providing biotech companies with a faster and looser route to the public market. Is there a downside?
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Despite the COVID-19 chaos felt by many industries in 2020, biopharma IPOs recorded a banner year – including a marked rise in the use of special purpose acquisition companies (SPACs), also known as blank check companies.
With a combined $335m raised in a crossover series B funding and an IPO last summer, Cambridge, MA-based iTeos Therapeutics has the juice to move its two cancer immunotherapy clinical programs forward.
Privately held Chiesi Farmaceutica, a global health care and biopharmaceuticals firm headquartered in Italy, became a certified B Corporation in 2019. The B Corp impact assessment framework helped Chiesi demonstrate its mission of becoming a “double purpose” business, one that executes on business objectives but also works to protect the environment and promote social justice. Will other companies follow suit?