Special purpose acquisition companies (SPACs) are resurging as a virtually hassle-free alternative to initial public offerings (IPOs). They’ve been around for years, but are just now becoming a factor for biotech.
It’s Raining Biotech SPACs!
New SPACs are getting announced every day, including in biotech: so much so that serial entrepreneur Mike Gilman tweeted that “it’s raining SPACs” – a sentiment that captures the frenzied downpour of activity.