November follow-ons: Xenon raises more than one third of month’s total
Eight biopharmas brought in a combined $949M in follow-on financing; nearly all had gained value by the end of the month
Xenon’s $345 million follow-on financing on Nov. 29 bumped up the month’s total raised in biotech follow-ons to $949 million across eight deals. The financings bring the amount raised in the first 11 months of 2023 to $18 billion, up from $16 billion in the same period last year.
The upsized offering from Xenon Pharmaceuticals Inc. (NASDAQ:XENE) followed the company’s announcement of top-line results from a Phase II trial of XEN1101 to treat major depressive disorder. The small molecule potassium channel opener missed the primary endpoint of change in Montgomery-Åsberg Depression Rating Scale at week six but achieved statistical significance on several secondary efficacy endpoints including the Snaith-Hamilton Pleasure Scale and the Hamilton Depression Rating Scale. The biotech had gained 13% in market cap by the end of the month. ...