An­oth­er four biotechs scratch out the first num­ber and ask for more as IPO boom con­tin­ues

Four more biotechs are rais­ing their of­fers in an al­ready record year for biotech IPOs.

Soft­bank-backed Re­lay Ther­a­peu­tics scratched out its orig­i­nal $200 mil­lion fil­ing and pro­posed a $250 mil­lion raise that would make them a $1.5 bil­lion com­pa­ny. CAR-T de­vel­op­er Po­sei­da Ther­a­peu­tics bumped it­self up $74 mil­lion to $224 mil­lion. Off-the-shelf cell ther­a­py start­up Nkar­ta upped from $150 mil­lion to $215 mil­lion — and then priced even high­er, at $252 mil­lion. France’s In­ven­ti­va did its own mod­est re­set, rais­ing its bar from $102 mil­lion to $108 mil­lion.

Po­sei­da, Nkar­ta and In­ven­ti­va priced to­day. Re­lay will price next week.

Bar­ring a sur­prise flop, the lat­est flur­ry of rais­es means there will be 13 $200 mil­lion-plus biotech IPOs in 2020 be­fore Au­gust. By con­trast, all of 2019 saw two biotechs pass that mark; 2018 saw 7 do so.

The run of eye-catch­ing deals be­gan in the first days of April when, af­ter a pair of pan­dem­ic-dri­ven stock mar­ket crash­es, the small and lit­tle-known biotech Zen­tal­is man­aged to score $165 mil­lion in a pub­lic of­fer­ing. At the time, Nas­daq’s Jor­dan Saxe told Bloomberg he ex­pect­ed biotech to open the IPO mar­ket back up, with its in­vestors more fo­cused on the long term than a short term that had the po­ten­tial to be bru­tal. He pre­dict­ed 30-35 IPOs for $3.5 bil­lion and a se­ries of blank check com­pa­nies, a pair of pre­dic­tions that have since looked pre­scient.

It’s not just pri­vate com­pa­nies that are get­ting in on the ac­tion. Pub­lic biotechs, too, have put out for large rais­es. This week alone Vir Biotech­nol­o­gy of­fered $300 mil­lion in a sec­ondary of­fer­ing, Rev­o­lu­tion Med­i­cines of­fered $156 mil­lion and Akero Ther­a­peu­tics of­fered $188.2 mil­lion.

The buzz has al­lowed, among oth­er things, very ear­ly stage com­pa­nies to at­tract sig­nif­i­cant in­ter­est, in­clud­ing a sin­gle week in June when three pre­clin­i­cal biotechs raised over $200 mil­lion in a sin­gle week.

That trend has con­tin­ued in­to this week. Nkar­ta, fo­cused on nat­ur­al killer cell ther­a­pies, has yet to bring a can­di­date in­to the clin­ic, al­though they plan to do so lat­er this year. Re­lay Ther­a­peu­tics, fo­cused on sol­id tu­mors, on­ly start­ed their first tri­al ear­li­er this year.

Po­sei­da and In­ven­ti­va, though, are fur­ther along. With back­ing from No­var­tis, Po­sei­da’s BC­MA CAR-T is al­ready in Phase II and, ear­li­er this year, they start­ed re­cruit­ing for a Phase I with an­oth­er CAR-T ther­a­py. In­ven­ti­va is in Phase II for a NASH drug and a mu­copolysac­cha­ri­do­sis type VI drug.

Jan Hatzius (Photographer: Christopher Goodney/Bloomberg via Getty Images)

When will it end? Gold­man econ­o­mist gives late-stage vac­cines a good shot at tar­get­ing 'large shares' of the US by mid-2021 — but the down­side is daunt­ing

It took decades for hepatitis B research to deliver a slate of late-stage candidates capable of reining the disease in.

With Covid-19, the same timeline has devoured all of 5 months. And the outcome will influence the lives of billions of people and a multitrillion-dollar world economy.

Count the economists at Goldman Sachs as optimistic that at least one of these leading vaccines will stay on this furiously accelerated pace and get over the regulatory goal line before the end of this year, with a shot at several more near-term OKs. That in turn should lead to the production of billions of doses of vaccines that can create herd immunity in the US by the middle of next year, with Europe following a few months later.

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Stéphane Bancel, Moderna CEO (Steven Ferdman/Getty Images)

Mod­er­na CEO Stéphane Ban­cel out­lines a prospec­tive moth­er­lode of Covid-19 vac­cine rev­enue — will a back­lash fol­low?

Moderna shows no sign of slowing down, or turning charitable when it comes to pricing supplies of its Covid-19 vaccine.

One of the leaders in the Phase III race to get a Covid-19 vaccine across the finish line in record time, Moderna says it’s on track to complete enrollment in one of the most avidly watched studies in the world next month. And the biotech has already banked some $400 million in deposits for vaccine supply as it works through negotiations with countries around the world — as CEO Stéphane Bancel sets out to hire a commercial team.

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UP­DAT­ED: No­vavax her­alds the lat­est pos­i­tive snap­shot of ear­ly-stage Covid-19 vac­cine — so why did its stock briefly crater?

High-flying Novavax $NVAX became the latest of the Covid-19 vaccine players to stake out a positive set of biomarker data from its early-stage look at its vaccine in humans.

Their adjuvanted Covid-19 vaccine was “well-tolerated and elicited robust antibody responses numerically superior to that seen in human convalescent sera,” the company noted. According to the biotech:

All subjects developed anti-spike IgG antibodies after a single dose of vaccine, many of them also developing wild-type virus neutralizing antibody responses, and after Dose 2, 100% of participants developed wild-type virus neutralizing antibody responses. Both anti-spike IgG and viral neutralization responses compared favorably to responses from patients with clinically significant COVID‑19 disease. Importantly, the IgG antibody response was highly correlated with neutralization titers, demonstrating that a significant proportion of antibodies were functional.

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Covid-19 roundup: J&J and BAR­DA agree to $1 bil­lion for 100 mil­lion dos­es; Plas­ma re­duces mor­tal­i­ty by 50% — re­ports

J&J has become the latest vaccine developer to agree to supply BARDA with doses of their Covid-19 vaccine, signing an agreement that will give the government 100 million doses in exchange for $1 billion in funding.

The agreement, similar to those signed by Novavax, Sanofi and AstraZeneca-Oxford, provides funding not only for individual doses but to help J&J ramp up manufacturing. Pfizer, by contrast, received $1.95 billion for the doses alone. Still, if one looked at each agreement as purchase amounts, J&J’s deal would be $10 per dose, slotting in between Novavax’s $16 per dose and AstraZeneca’s $4 per dose.

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J&J gets a fresh OK for es­ke­t­a­mine, but is it re­al­ly the game-chang­er for de­pres­sion Trump keeps tweet­ing about?

Backed by an enthusiastic set of tweets from President Trump and a landmark OK for depression, J&J scooped up a new approval from the FDA for Spravato today. But this latest advance will likely bring fresh scrutiny to a drug that’s spurred some serious questions about the data, as well as the price.

First, the approval.

Regulators stamped their OK on the use of Spravato — developed as esketamine, a nasal spray version of the party drug Special K or ketamine — for patients suffering from major depressive disorder with acute suicidal ideation or behavior.

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Ver­sant de­buts Ridge­line's start­up #4, armed with $30M and al­ter­na­tive TCR cell ther­a­pies for sol­id tu­mors

For all the iterations and advances in TCR therapies for cancer, any experimental treatments involving T cell receptors share one trait: By definition, they only recognize antigens presented as peptides on the major histocompatibility complex (MHC) on cells.

Versant reckons it’s time to expand the arsenal. With $30 million in initial funding, its Ridgeline Discovery Engine in Switzerland has been working on a non-peptidic approach that it says has tumor-agnostic potential, especially in solid tumors. They’ve named it Matterhorn, after a Swiss mountain as they did with the three other companies that have emerged from the Basel-based incubator.

CF Foun­da­tion, Long­wood team on new in­cu­ba­tor for com­pa­nies with cut­ting-edge CF treat­ments

Nine months after launching a $500 million hunt for a cure for cystic fibrosis, the Cystic Fibrosis Foundation said it will use a portion of those funds to do something it has never done before: help launch new companies.

The CF Foundation, whose venture philanthropy efforts helped fund Vertex’s line of powerful CF drugs, is teaming with Longwood Fund to create a CF incubator. The incubator will identify new companies with platforms or technologies that can be applied in the rare genetic condition. The partners can then finance early development in exchange for a commitment from the companies to focus on applications in cystic fibrosis.

Kiersten Stead, John Hamer (DCVC Bio)

Deep tech, round 2: DCVC Bio bags $350M fund to chase the tip of the life sci­ence spear

It took one trip from San Francisco to Vancouver for Kiersten Stead and her DCVC Bio crew to feel confident about throwing their weight — and cash — behind AbCellera.

CEO Carl Hansen’s academic background and the potential of the platform, which combined machine vision and robotics with microfluidics, were promising. But the site visit sealed the Series A deal, where DCVC was the lead and only investor.

Igor Splawski (CureVac)

Cure­Vac nabs a top No­var­tis sci­en­tist for CSO slot as mR­NA vac­cines seize the spot­light

One of the key players in the race to develop a new mRNA vaccine to fight Covid-19 has reshuffled the top spots in the executive suite. And they’re bringing in a Novartis vet out of Harvard to spearhead their work on mRNA.

CureVac, which just filed for an IPO that’s still taking shape, has formally handed Franz-Werner Haas the CEO title, after giving it to him on an interim basis. And the still rather stealthy German biotech largely owned by billionaire Dietmar Hopp has recruited Igor Splawski as its chief scientific officer.

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