May’s momentum continues as Catalent, eight others price follow-ons

The follow-on market has shown no signs of slowing down. More than $1.3 billion in follow-on capital has been raised so far this week, bringing the month’s total raise to nearly $4 billion.

While the follow-on market had gone largely quiet in March and April as the broader markets were rocked by the pandemic, significant inflows into the sector in April created a window of opportunity for May fund-raising; last month saw a $9 billion total raise (see “May Follow-on Frenzy”). ...