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Investment Banking

Oppenheimer Healthcare Q1 Snapshot

  • Oppenheimer & Co. Inc.
  • April 11, 2024

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

Select Q1 2024 Transactions
insights report
insights report
Select Transaction Highlights

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
Michael Margolis
Name:

Michael A. Margolis, R.Ph.

Title:

Senior Managing Director, Co-Head of Healthcare, Head of Healthcare Life Sciences Investment Banking

Address

85 Broad Street
23rd Floor
New York, NY 10004Click to open address in a new window on Google Maps

Contact

(212) 667-7622 MichaelA.Margolis@opco.com
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DISCLOSURES

(1)Stock performance as of 04/01/2024.

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