IPOs channel feed

Three more biotechs tum­ble on­to Wall Street to­day, rais­ing $475M as the IPO par­ty rocks on

It’s just another day in the 2020 biotech IPO boom. Three went public this morning and a fourth gained 75 percent on its Nasdaq trading debut.

Leading the pack is the biological analytics-focused company Berkeley Lights, which priced at $22 per share and raised $178.2 million. Next up is ALX Oncology, which at $19 per share raised $161.5 million. Then comes T-cell biotech Pandion, revising previous numbers to $18 per share and offering an upsized 2 million more shares, raising $135 million.

Sanjiv Patel, Relay CEO

Re­lay reaps $400M IPO wind­fall af­ter draw­ing the cur­tain on mo­tion-based drug de­sign pipeline

A red-hot venture market back in 2018 propelled Relay Therapeutics to a whopping $400 million crossover round. And now, the biotech is riding on a red-hot IPO market to a public debut that brought in the same exact amount.

The $400 million raise breaks down to 20 million shares sold at $20 each — above even the amended proposed range of $16 to $18.

It’s also double what Relay had penciled in with the initial S-1 filing, in yet another illustration that those figures are often nothing more than a placeholder these days.

Bil­lions of dol­lars worth of SPACs are rid­ing on the biotech IPO boom

Billionaire hedge fund manager Bill Ackman’s push to raise $4 billion for his blank check company, Pershing Square Tontine Holdings, is casting a spotlight on the SPACs. And amid a historic SPAC boom, biotechs are setting several records on what some observers say is shaping up to be a third major track — besides IPO and M&A — to go public.

“SPACs were approximately 3% of the IPO market back in 2014, now they are almost 35% of all new listings,” Jay Heller, the Nasdaq’s head of capital markets, told Endpoints News.

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.

Oph­thalmic drugs, can­cer cell ther­a­pies at­tract $340M+ on two HKEX biotech de­buts

Nasdaq may be running the main biotech IPO show, but the Hong Kong stock exchange has some stellar performance on display even as the city confronts a third wave of Covid-19.

Ocumension Therapeutics and Immunotech Biopharm both traded up after making their public debuts on the HKEX’s busiest IPO day of the year so far, with seven stocks getting listed. The former raised close to $200 million while the latter took home $141 million.

David Hallal

AlloVir tests how much an an­tivi­ral biotech can reap in a pan­dem­ic stock mar­ket

The pandemic stock market has proven fruitful for virtually any type of biotech. Now a 7-year-old cell therapy startup will see how much it can yield for a company that specializes in fighting viruses.

AlloVir, a company that until 2019 largely lived off grant money, has filed for a $100 million IPO to back its line of off-the-shelf, virus-fighting T cells. Although in normal circumstances, $100 million could be a solid return for a biotech that got its first major round of funding only last year, we’ll have to wait to see how much the company ultimately earns. As Covid-19 has sent investor money scurrying to almost anyone in drug development, every single biotech to go public this year has prized above their midpoint or upsized their offering, according to Renaissance Capital, sometimes dramatically so.

Douglas Love, Annexon CEO (Annexon)

IPO bound? Ac­tu­al­ly, An­nex­on was al­ready prepped and primed to toss its S-1 to Wall Street as in­vestors ral­lied

The Wall Street IPO shuffle generally calls for a little distance between the crossover ante and the Wall Street double, but with the window on the street wide open and biotech sizzling hot, who’s waiting?

The crew at Annexon didn’t leave anyone in suspense for long about their IPO plans. A day after the Bay Area biotech with clinical plans to target neurodegeneration quietly unveiled a $100 million raise, they were back with an S-1 outlining a pitch to double that — or more.

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Chris Hollowood, Freeline chairman (Syncona)

Free­line nabs $120M, eyes IPO as its gene ther­a­py comes in­to fo­cus

Freeline Therapeutics has landed another mega-round to back its gene therapy efforts and, on the same morning of the announcement, indicated that they could yet raise significantly more cash before year’s end.

The new Series C rings in at $120 million, a hair above their $112 million Series B in 2018. And for the first time since Freeline’s launch, the round includes prominent investors outside of their founding VC, Syncona, including Novo Holdings, Eventide Asset Management and Wellington Management Company. The new investors are joining as the first clinical data emerge for the company, with Freeline also saying today they would present data showing their lead drug could bring factor IX to normal in severe hemophilia patients.

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The biotech IPO boom is be­com­ing ‘his­toric’ as four more throw their hats in

Four more US biotechs filed to go public Friday as yet more companies clamber to get through a yawning IPO window and onto a market that’s signaled its willingness to reward nearly any new drugmaker.

The new entrants are led by ALX Oncology and the biological analytics biotech Berkeley Lights, each of whom filed to raise $100 million. The autoimmune company Pandion Therapeutics also filed for $75 million, and Kiromic Biopharma, a tiny immuno-oncology startup based in San Antonio, filed for $25 million.

Eric Ostertag, Poseida CEO (Poseida Therapeutics)

No­var­tis-backed Po­sei­da is pack­ing in the cash for its next-gen CAR-T work, adding a $110M ven­ture raise on top of its new­ly-re­filed IPO

A week after updating their S-1 in search of at least $115 million on the hot biotech IPO market, Poseida Therapeutics says it’s also raised a fresh venture round — a little more than a year after its last.

The first time around, after Poseida delayed its IPO during a government shutdown, the biotech reported a $150 million C round. This time around, it’s adding $110 million more from Fidelity Management Research Company and others.