IPOs in the medical device sector are bigger than in biotech, but performance, at least of the biggest groups, is mixed.
Spacs still have their supporters, but SEC scrutiny and mixed post-deal performance mean that the story is losing its lustre.
IPOs of drug developers raised $9bn in the first half of 2021, a record amount that is hard to square with talk of moderation.
Acumen is the latest player to take aim at amyloid, but competition is fierce.
But financing sizes have grown by a similar amount on both sides of the Atlantic.
After revealing plans to buy one of its holdings out of a Spac, Roivant itself moves towards a blank-cheque company listing.