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Deep­en­ing US foot­print, As­traZeneca-part­nered French biotech In­nate shoots for $100M IPO

Fresh off of a 20th birthday celebration, French biotech Innate Pharma filed for a US IPO worth up to $100 million. They detailed in their filings a strategy to roll cash into preclinical work, advancing the trials for two drugs targeting blood cancer and solid tumors and further testing the checkpoint inhibitor monalizumab, while also building a commercial infrastructure to market and capitalize on their trademark leukemia drug Lumoxiti.

As Nas­daq en­rolls the fi­nal batch of 2019 IPOs, how have the num­bers com­pared to past years?

IGM Biosciences’ upsized IPO haul, coming after SpringWorks’ sizable public debut, has revved up some momentum for the last rush of biotech IPOs in 2019.

With 39 new listings on the books and roughly two more months to go before winding down, Nasdaq’s head of healthcare listings Jordan Saxe sees the exchange marking 50 to 60 biopharma IPOs for the year.

“December 15 is usually the last possible day that companies will price,” he said, as companies get ready for business talks at the annual JP Morgan Healthcare Conference in January.

That won’t come close to the record-setting numbers last year — the government shutdown at the beginning of the year was partly to blame — but it’s good enough to be at least on par with the few years before.

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Jeff Kindler's Cen­trex­ion re­news bid to make pub­lic de­but

Jeffrey Kindler’s plan to take his biotech — which is developing a slate of non-opioid painkillers — public, is back on.

The Boston based company, led by former Pfizer $PFE chief Kindler, originally contemplated a $70 million to $80 million IPO last year— but eventually postponed that strategy. On Wednesday, the company revived its bid to make a public debut in a filing with the SEC — although no pricing details were disclosed.

Biotech boards bur­dened: Bridg­ing the suc­cess gap

Based on our numerous conversations with board members and CEOs, we surmise that biotech boards are facing busy meeting agendas with a multitude of topics ranging from governance, financial audits, and budget reviews to compensation and board nomination work. While it is the job of the CEO to outline strategy and plans for the business, the board is tasked with pressure testing those proposals to ensure that they are sound. Often boards do not have ample time to review materials in advance, there is inadequate time for discussion or proper debate during the meeting, and members lend their support without having all the information in real time to assess underlying assumptions.
Filling The Success Gap
As biotech boards are faced with challenges given technical complexities and binary outcomes, overcoming the Success Gap requires expertise, transparency and debate, which are not easily accomplished.

Amber Tong for Endpoints News

Chalk up a big win for Bain as Spring­Works IPO tops out at $162M

SpringWorks Therapeutics’ IPO has delivered a $162 million bounty — upsized from its original $115 million pitch — in a resounding endorsement for Bain’s Big Pharma spinout model for biotech creation.

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How about a $477M biotech IPO amid Hong Kong protests? Hen­lius will find out

A third month of protests in Hong Kong is not stopping Shanghai Henlius Biotech’s push to get listed on its stock exchange.

The $477 million IPO bid marks the first big test for HKEX’s nascent biotech corner since the city became engulfed in political turmoil over a now withdrawn extradition bill and subsequent police brutality. Bloomberg has previously reported that the company was eyeing as much as $600 million.

BioNTech CEO Ugur Sahin (File photo)

Hong Kong strife holds up al­most $100M of BioN­Tech's Se­ries B haul

Late on Monday, it was revealed that German cancer drug developer BioNTech is eyeing a $100 million public listing in the United States, two months after the cancer-focused company unveiled a herculean $325 million in an upsized round of financing.

In the IPO filing, however, the Mainz-based drug developer revealed that shares worth about $97 million that were expected to be bought by an undisclosed Hong Kong-based investor have been delayed, in part due to the political unrest in Hong Kong and the ongoing trade dispute between the United States and China.

Ugur Sahin

Fresh off the heels of mega fi­nanc­ing round, Ger­many's BioN­Tech makes $100M US IPO play

Two months after one of the largest single private funding rounds for a biotech company in European history, German cancer drug developer BioNTech is gunning for a $100 million US IPO.

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Three biotechs hunt $336M-plus in a new round of IPOs — while Der­ma­vant pulls back

Raise money when you can, not when you must — the common refrain rang loud in two IPO filings late Friday as ADC Therapeutics and Frequency Therapeutics looked to top up their recent raises with mega IPOs.

But when you can’t, as Dermavant found after a second try, then quitting might be imperative.

ADC and Frequency were joined by little cancer biotech Aprea Therapeutics, seeking a collective $336 million from Wall Street.
ADC Therapeutics: $558M and counting

George Scangos [via Cornell University]

George Scan­gos heads back to Wall Street. And he’s bring­ing along some of the best con­nec­tions in biotech

George Scangos’ startup Vir Biotechnology has filed its plan to go public, pointing the CEO back to Wall Street — where he’s proven a capable player.

Best known for bringing in his own team at Biogen and winning accolades for making Tecfidera into a big blockbuster in multiple sclerosis, he left well before the thin pipeline proved severely disappointing.

Scangos’ team has pencilled in $100 million for the fundraising he has in mind, though you can be sure that with his connections, Vir has a much larger figure in mind. And it’s unveiling the exact scope of an R&D alliance with Alnylam that starts with a small portion of cash and then swells into a $1.3 billion smorgasbord of milestones.

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