Biotechs generally need access to a lot of capital in order to bring their therapeutics to market. The traditional IPO route was the classic way a Biotech was able to access the public market. Today there is another option - a de-SPAC merger with a SPAC. There are many reasons to choose one approach over the other - valuation, cost of capital, dilution, etc. but now Biotechs looking to go public have another way to do it. Our client DermTech is a great example of a very successful healthcare SPAC.

Biotechnology startups can increasingly go public on their own terms as investors and blank-check companies clamor for access to the hottest new drugmakers.

 https://www.wsj.com/articles/biotech-startups-gain-leverage-as-ip