Week’s follow-ons, topped by Karuna, offer signs of a thaw in financings

Cerevel’s pricing of a $253.8 million follow-on early Friday capped a week in which seven public biotechs collectively raised nearly $1.7 billion in equity offerings, broadly suggesting a receptive market for companies with recent catalysts.

“I think these deals are showing that the follow-on market is in fact starting to thaw,” Brad Loncar of Loncar Investments told BioCentury, adding that the market for both follow-ons and IPOs was “totally frozen” earlier this year...