Ab­b­Vie, Sanofi-backed Prin­cip­ia of­fers an $86M IPO af­ter burn­ing through $148M for pipeline work

It’s time for some new biotech IPOs to test the wa­ters on Nas­daq. With some sub­stan­tial back­ing from Sanofi and Ab­b­Vie, Prin­cip­ia Bio­Phar­ma out of South San Fran­cis­co is get­ting ready to roll the dice on an IPO on Nas­daq. 

The biotech start­up — a clas­sic, pipeline-fo­cused ef­fort that’s spent $148 mil­lion to get to this stage — has pen­cilled in an $86 mil­lion raise on its S-1 and of­fered up some in­ter­im Phase II da­ta to help re­as­sure in­vestors that it’s on to some­thing re­al. This new of­fer­ing will test in­vestors’ ap­petite for risk, af­ter a long slate of drug de­vel­op­ers went pub­lic in the lead-up to the sum­mer lull.

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