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Illustration: Eniola Odetunde/Axios

Social Capital Suvretta, a new biotech SPAC platform led by Chamath Palihapitiya, filed for four IPOs, each with a $200 million target.

Why it matters: Chamath isn't backing down in the face of recent criticism, or even heeding his own warning that the current SPAC market needs more oversight.

Details: Each of the four Social Capital Suvretta SPACs has a specific industry focus: Neurology (I), oncology (II), "organ space subsector (III)" and immunology (IV).

  • All of them are warrantless with Morgan Stanley as lead underwriter, which is a departure from the six tech-focused Social Capital Hedosophia SPACs, each of which had warrants and used Credit Suisse.

The bottom line: "In biotech, there have been 43 SPACs to price or announce an intent to merge, according to the Endpoints News tally. That’s resulted in a combined raise of $14.75 billion, more than double that of traditional IPOs." EndPoints News writes.

Go deeper

Venture capitalist Bill Gurley says more companies are going public due to pressure

Photo: Axios

Venture capitalist Bill Gurley said at an Axios event Wednesday that more companies are starting to go public after staying private longer and seeing capital pile up.

Why it matters: Within the past year, many companies have filed to go public — either via IPOs or SPACs — including eyewear brand Warby Parker, Bowlero, the owners of Forever 21 and Aeropostle, AppHarvest and more.

Right-wingers making McCarthy sweat for future Speaker post

House Minority Leader Kevin McCarthy stands with his Republican colleagues outside the House on Nov. 17. Photo: Stefani Reynolds/Bloomberg via Getty Images

Right-wing elements in the Republican Party are complicating House Minority Leader Kevin McCarthy's attempts to become the next speaker of the House should the GOP take back the majority in 2022.

Why it matters: While McCarthy has worked carefully to build trust among the conservatives who tanked his chances at clinching the speakership in 2015, they're still circling ahead of the next Speaker vote in January 2023.

3 hours ago - Politics & Policy

Congress sprints to meet crush of deadlines

Illustration: Aïda Amer/Axios

Congressional leaders have been pushing off vital action for months — and a lot of it will catch up with them in December, which begins Wednesday.

Driving the news: Funding for the federal government is set to expire at midnight on Friday. There are also consequential deadlines related to the debt limit, President Biden's agenda and annual actions like voting on the National Defense Authorization Act.

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