Before the pandemic and in the early days of the worldwide global health crisis, SPAcs were popping up like weeds ready to spread out in the biotech garden, Fierce Biotech reports. Suddenly, it seemed that every deal in biotech was a SPAC-pact.
But as quickly as the SPAC market sprang up, it seems to be cooling now.
“The pace has definitely slowed, but we have not hit a standstill,” Evercore ISI biotech analyst Gavin Clark-Gardner said in an interview with Fierce Biotech. “It’s more of a quick crawl, as opposed to a total standstill.” Read more.