Public equity report: Five follow-ons total $875M+, PIPEs keep flowing

Five companies — two with new clinical readouts — raised a total of more than $875 million in follow-ons this week, while three more biotechs raised a combined $705 million in private placements or registered direct offerings.

Although KalVista Pharmaceuticals Inc. (NASDAQ:KALV) didn’t get a stock bump from a clinical readout Tuesday morning, the biotech proposed an offering late Wednesday and raised $160.1 million ahead of Thursday’s session. KalVista raised the money through the sale of stock and warrants, refreshing its balance sheet as it aims for a regulatory submission this half...