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Al­pham­ab On­col­o­gy rounds out HKEX's sec­ond biotech IPO year with $230M raise and high lo­cal in­ter­est

Alphamab Oncology has inspired a surge of local interest in what will likely be the Hong Kong Stock Exchange’s last biotech run of the year, pricing its IPO on the high end of the range and raising over $230 million (HK$1.83 billion).

After rejigging the offering structure and making up to 50% available for enthusiastic local investors, the biotech sold 179.4 million shares at $1.31 (HK$10.2) and saw its stock rise to $1.77 ($13.8) on the first day of trading.

With mo­men­tum from FDA OK, SK Bio­phar­ma to breath new life in­to Ko­re­an biotech with $850M IPO — re­port

SK Life Science’s recent success at the FDA is setting its parent company nicely for a $850 million IPO in Korea, the Financial Times reported.

The group — a subsidiary of the conglomerate SK Holdings dedicated to drug discovery and development — filed its preliminary application to the Korea Exchange late last month. But the recent US approval for epilepsy drug Xcopri, or cenobamate, raised analysts’ expectations on the amount they can bag.

Tot Bio­pharm com­pletes HKEX list­ing, rais­ing $63M in mod­est de­but

More than a year after closing a megaround, Tot Biopharm has closed its IPO on the Hong Kong stock exchange at a relatively modest $63 million (HK$500 million).

Suzhou-based Tot Biopharm said it’s the eleventh biotech to list under the revised Chapter 18A rules, which allowed pre-revenue companies onto the exchange. The stock launched at $0.84 (HK$6.55) and ended the day down 4.43%.

Vivo Capital was joined by Centerlab and Nien Hsing as cornerstone investors, footing $20 million worth of shares.

Monopar de­lays IPO again de­spite slash­ing of­fer­ing while a mi­cro-cap biotech clinch­es $9M

Two low-profile budget biotechs have become the latest casualty of a weak IPO market. Monopar Therapeutics is postponing its public debut for a second time, whereas CNS Pharmaceuticals raised a meager $9 million by pricing at the low end of the range.

By the time Monopar came around to filing its second pitch, it had already slashed its goal (and the number of shares offered) by half — seeking to bag $20 million instead of $40 million it had originally proposed in August. But even that proved to be a stretch.

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Te­va spin­out de­lays NASH IPO while Galera prices be­low range

A NASH-focused spinoff of Teva Pharmaceuticals delayed its IPO and Galera priced below its $14-$16 range as the public waters grow murkier.

Touting an FGF21 analog cleaved off Teva’s pipeline, 89bio would have gone from Series A to Wall Street in less than a year had they completed the IPO they announced last month. Now, they’re being held up over an “issue” with the SEC and the company’s auditors said it could put the company in jeopardy.

SinoMab Bio­Science, Al­pham­ab On­col­o­gy make their way to the Hong Kong Stock Ex­change

While protests in Hong Kong are stretching the limits of the region’s economy, biotechnology companies don’t appear to be daunted to list on the region’s bourse.

Hong Kong-based SinoMab BioScience is looking to raise HK$1.75 billion ($223 million) in a public offering — while Souzou-based Alphamab Oncology is gunning to raise up to $350 million in an IPO next month, according to a Reuters report.

Photo: Amber Tong, Endpoints News

In a bid to get to Chi­nese pa­tients faster, Shang­hai's I-Mab plans $100M Nas­daq IPO

Aiming to be the next Chinese company to list on Nasdaq after Zai Lab’s debut two years ago, the Shanghai drug developer I-Mab is gunning for a $100 million IPO.

The company — which has raised more than $400 million in the last three years — has a shrewd strategy for biologic development: it first conducts its proof-of-concept trials in the United States and works towards getting FDA clearance for in-human studies.  The data generated are then used to advance clinical development in China. Eventually, after the experimental drug has been clinically validated in the United States, the company retains Chinese rights for further development and commercialization — while retaining the option to out-license globally.

As­cen­t­age soars dur­ing its first day on the Hong Kong ex­change, fol­low­ing $53M de­but

Ascentage Pharma’s IPO bounty might have been modest compared to previous public debuts on the Hong Kong stock exchange, but it’s proving popular among investors on its first trading day.

The Suzhou-based biotech soared as much as 57% early Monday after completing a $53 million raise on Friday, Bloomberg noted. The launch price of HK$34.2 (around $4.36) fell in the middle of the range, translating to a market cap of almost $890 million. Ascentage’s stock ended the day at HK$37.6.

A tale of two IPOs (plus one): Ca­balet­ta prices well be­low range for $75M while Phath­om bags $182M

When Cabaletta Bio and Phathom Pharmaceuticals penciled in $100 million IPOs alongside 4D Molecular Therapeutics back in the beginning of October, they appeared to be riding on a wave of positive sentiments in the public markets — albeit against some chatter in the background about how long the buoyant conditions will last.

The answers turned out to be different for each of these biotechs. Late Thursday, Cabaletta, a University of Pennsylvania spinout, raised $75 million despite upsizing its offering to 6.8 million shares, while Phathom’s gross proceeds from selling more than 9.6 million shares registered at $182 million.

RAPT Ther­a­peu­tics re­turns to Wall Street to re­vive IPO bid

On May 24, FLX Bio, a small cancer and inflammation biotech with backing from GV, changed its name to RAPT Therapeutics and filed confidentially for an IPO. On July 5th, they filed to raise up to $86 million. On July 22, they announced the IPO with a $75 million goal.  And on August 1, they abruptly and without explanation called it all off.

Now, without explanation, they’re reviving the bid, filing again for a $75 million IPO, this time with a new bookrunner and a new drug candidate in the clinic. The terms will be the same: 5 million shares at $14-$16 per share. It would give them a diluted market value of $351 million.