Up­dat­ed: In Fri­day IPO dou­ble­head­er, Apogee and Sagimet help crack open a stuck win­dow on Wall Street

Mark Fri­day, Ju­ly 14, in biotech’s 2023 year­book. Two drug de­vel­op­ers, Apogee Ther­a­peu­tics and Sagimet Bio­sciences, will join the Nas­daq in up­sized of­fer­ings, a pos­i­tive sign in an 18-month cold stretch for IPOs.

Apogee will be one of the few pre­clin­i­cal-stage star­tups to make a Nas­daq en­try in re­cent quar­ters, af­ter a rush of pre­clin­i­cal list­ings in 2020 and 2021. The au­toim­mune biotech is tar­get­ing the same ter­ri­to­ry as Sanofi and Re­gen­eron’s block­buster treat­ment Dupix­ent. Its of­fer­ing will gar­ner $300 mil­lion in gross pro­ceeds, sell­ing 17.65 mil­lion shares $APGE for $17 apiece, the high end of the range it pro­posed at the be­gin­ning of this week.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER