Fewer SPACs announcing mergers

After hitting a peak in mid-2021, and remaining fairly steady through early 2023, announcements of biotech-SPAC mergers have dwindled to three or four in each of the last three quarters. 

The resurgence in special purpose acquisition companies that began in 2020 provided more biotechs with an alternative path to the public market. But the market downturn over the last two years has not only made it difficult to be a public company, the narrow IPO window has also made it difficult for new life science-focused SPACs to go public...