After a busy July, the IPO market began to pump the brakes this past week with four IPOs and four postponements. SPAC activity remained steady with seven blank check IPOs. New filers trickled into the IPO pipeline, with only one IPO and six SPACs submitting initial filings.
Four companies postponed: biopharmaceutical royalty company Healthcare Royalty (HCRX), clinical trial solutions provider WCG Clinical (WCGC), nutraceutical maker The Better Being Co. (BBCO), and law enforcement supplier Cadre Holdings (CDRE).
Adagio Therapeutics (ADGI) upsized and priced at the midpoint to raise $309 million at a $2.0 billion market cap. This biotech develops antibody therapies licensed from Adimab to treat and prevent COVID-19. The company's lead program has completed enrollment in a Phase 1 trial for the treatment of COVID-19, and is also currently in a Phase 2/3 global trial for prevention of COVID-19. Adagio Therapeutics finished up 23%.
Seven blank check companies raised $1.1 billion this past week, led by healthcare-focused SPAC Healthwell Acquisition (HWELU) and Riverview Acquisition (RVACU), each of which raised $250 million.
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