After shares climbed 36% on May 24 following the release of an American Society of Clinical Oncology abstract detailing an impressive phase II overall response rate in first-line head and neck cancer with bispecific antibody petosemtamab in combination with pembrolizumab, Merus NV is raising $400.2 million in an upsized follow-on offering.
Following a significant decline in 2023, private investments in public equity (PIPEs) are rebounding strongly in 2024. Through late May, the collective value of PIPEs has already surpassed the full year 2023 by more than three times, and is also ahead of 2022.
The med-tech sector experienced some relief in the first quarter of 2024 (1Q24) as total financings climbed to $6.38 billion, eclipsing the value of any quarter in 2023. For perspective, the final quarter of 2023 recorded $3.32 billion, and 1Q23 raised $4.69 billion, with an average of $4.42 billion in financings per quarter in 2023.