Arie Belldegrun and David Chang score record IPO, now they plan to win the race to a historic FDA OK
Arie Belldegrun and David Chang are once again in the race of a lifetime — and they plan to stay in the lead to the first pioneering FDA OK in the field.
The two ex-Kite execs have pulled off the biggest biotech IPO of their generation, upsizing the offering to 18 million shares and pricing at $18 a share — the top of the range.
The Allogene offering brought in $324 million, pegging the market value of the company at $2.2 billion, and underwriters will soon have a chance to boost that some more. That sum edges out Axovant, which raised $315 million in 2015 to back an Alzheimer’s drug that turned out to be a complete bust.
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