The National Center of the Middle Market (NCMM) conducted a survey from March 12-23, 2020 of 400 strategic decision makers from life sciences companies in the United States and Canada. The report noted middle market life sciences companies, which include companies with annual revenues between $10 million and $1 billion, have experienced robust growth. Between

Special purpose acquisition companies (“SPACs”) are public shell companies that use their initial public offering (“IPO”) proceeds in order to acquire private companies within a specific timeframe.   Although SPACs have existed for decades, merging into a SPAC has recently become an attractive alternative for private companies in lieu of undertaking traditional IPOs.  Today, SPACs have

PIPE transactions continue to be a popular capital raising approach for companies.  Through July 31, 2020, companies have raised over $47.2 billion in 779 PIPE transactions.  Healthcare and life sciences companies raised almost $11 billion in PIPE transactions.  Technology and industrials companies also raised significant amounts of capital, totaling $10.1 billion and $9.2 billion, respectively.

The private investment in public equity (PIPE) transaction has proven to be a popular financing tool in volatile markets. For the first five months of 2020, $29.3 billion has been raised through PIPE transactions, primarily in the healthcare and technology sectors.

Data source: PrivateRaise

Comparing timeframes (January 1 through June 9) year-over-year since 2015, there

During the first quarter of 2020, venture funding levels in the global healthcare and life sciences sector has increased 4% by dollars raised, quarter-over-quarter, despite the turbulent COVID-19 environment. According to a recent CB Insights report, healthcare companies raised $14.6 billion this past quarter in 1,156 deals. Deal volume decreased 6% quarter-over-quarter. The inverse

Tech companies at all growth stages are facing capital raising and operating challenges brought about by the global COVID-19 pandemic.  A recent CB Insights client briefing explored these novel business pressures.

To add some perspective, an analysis of earnings calls provided by CB Insights showed that the mentions of “layoffs,” “furloughs” and “hiring freezes” in

For many issuers, a liability management transaction may be part of an overall funding and liquidity management strategy. For others, an exchange offer, consent solicitation or tender offer may be undertaken in connection with a restructuring or recapitalization. For financial institutions or insurance companies, a liability management transaction may serve to address regulatory capital considerations.

PIPE transactions remain an important capital-raising alternative, especially during periods of market volatility. Whether a public company is seeking to raise additional capital from sector or financial investors, effect a recapitalization or restructuring, or facilitate a liquidity opportunity for an existing stockholder, a PIPE transaction may be the most efficient approach.

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