Oppenheimer Healthcare Q1 Snapshot

The Oppenheimer Healthcare Investment Banking Group was exceptionally active in Q1 2024, successfully closing 13 transactions and securing $2.0B in funding for biotech companies

Avalo Therapeutics: Successful Financing to Fund Newly Acquired mAb in Multiple Indications

• Oppenheimer acted as sole placement agent on Avalo Therapeutics’ PIPE of up to $185.0MM, including an upfront investment of $115.6MM, in March 2024
• Avalo completed the PIPE financing concurrent with its acquisition of privately held AlmataBio and its Phase 2-ready anti-IL-1β mAb
• The PIPE was led by Commodore Capital and TCGX, with participation from BVF Partners, Deep Track Capital, OrbiMed, Petrichor, and RA Capital Management, as well as other investors
• Limited wall cross to high-quality healthcare-dedicated funds with a >3x oversubscribed book on a real allocable demand basis
• Final allocation to a very tight group of investors
• Deal upsized from $35.0MM to up to $185.0MM based on buyside engagement and evolving therapeutic area discussions
• Investors responded very positively to the transaction, with the stock jumping +371% on the first day of trading

Perspective Therapeutics: Transformational Financing and Follow-up PIPE

• Oppenheimer acted as lead bookrunner on Perspective’s $69.0MM CMPO in January 2024 and lead placement agent on the company’s $87.4MM PIPE in March 2024
• The public offering was anchored by a marquee healthcare-dedicated investor combined with notable allocations from high quality healthcare-dedicated and long only accounts
• Offering capitalized on positive momentum in the radiopharma space, including the recent acquisition of RayzeBio
• CATX’s March PIPE was led by Perspective’s largest existing investors

Skye Bioscience: Fundamental-led Financings to Advance Key Mid-Stage Obesity Trial

• Oppenheimer acted as placement agent on Skye Bioscience’s $50.0MM PIPE in January 2024 and placement agent on the company’s $40.0MM PIPE in March 2024
• Significant demand through reverse inquiry from new high-quality institutional investors; new investors allocated 59% of the total deal combined with continued support from 5AM Ventures, SpheraHealthcare, and Altium Capital
• Since the initial PIPE on January 29th, Skye shares have increased 512%⁽¹⁾, helping to achieve eligibility for a potential Nasdaq uplisting