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Eye­ing $86M, Galera leads a pack of three mod­est biotech IPOs push­ing past high pro­file stum­bles

Exactly one year after kicking off a pivotal Phase III study for its lead drug — a companion for cancer patients receiving radiotherapy — Galera is looking to the Nasdaq for some new cash to complete the clinical work and fuel its commercial drive.

CEO Mel Sorensen has penciled in an $86 million ask, which was filed on the same day as liver disease company 89bio and rare disease diagnostics shop Centogene. The trio marks the first batch of IPO filings in the wake of two highly anticipated but ultimately disappointing public debuts by BioNTech and Vir, signaling dwindling biotech fervor on Wall Street. 89bio and Centogene are seeking $70 million and $69 million, respectively.

George Scangos / Credit: Cornell University

ARCH, Soft­Bank-backed Vir Biotech­nol­o­gy un­der­whelms with $143 mil­lion IPO

George Scangos went back to Wall Street, and came back 700 million pennies short.

Scangos’ vaunted startup Vir Biotechnology raised $143 million in an IPO they hoped would earn $150 million. Shares were priced at $20, the low-end of the $20-$22 target.

Launched with backing from ARCH Venture’s Robert Nelsen, Masayoshi Son’s SoftBank Vision Fund, and the Bill & Melinda Gates Foundation, the infectious disease startup was one of a new wave of well-resourced biotechs that emerged with deep enough coffers to pursue a full R&D line rather than slowly build their case by picking off a single lead program.

Wall Street trims can­cer drug de­vel­op­er BioN­Tech's uni­corn val­u­a­tion

Market conditions in the United States are spooking investors. After ADC Therapeutics rescinded its plans earlier this month for a public listing — citing an adverse environment — Germany’s BioNTech on Thursday unveiled its downsized IPO, raising about $100 million less than the $251 million that it had previously envisioned.

Founded in 2008, the cancer drug developer early last month originally penciled in plans for a $100 million US IPO. Then, later in September, it broke out the numbers: it was looking to offer 13.2 million American depository shares (ADS) at a price range of $18 to $20 to raise $251 million.

We’ll see this week if the pub­lic mar­kets’ love af­fair with biotech uni­corns is still run­ning hot — or not

Can another mRNA specialist capture the attention of public investors and maintain the sector’s rep for hosting super-sized unicorn valuations? 

We’ll find out later this week as BioNTech out of Germany steers an offering intended to generate more than $250 million in cash with a valuation of $4.45 billion to its credit. They’ve been in business for the last 11 years, backed by the billionaire Strüngmann brothers. 

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Oph­thal­mol­o­gy biotech up­start is ask­ing in­vestors to bet $85M-plus on their late-stage ri­val to Resta­sis and Xi­idra

Seven months after Oyster Point Pharma bridged its way into a Phase III study with $93 million in venture cash, the biotech is stepping back up to see if public investors are in a mood to back their play to jump into a big league market with a minor league team.

The Princeton, NJ-based biotech teed up an IPO on Friday, outlining their case on going after dry-eye disease — a blockbuster market that accounts for tens of millions of patients. On the drug side, that’s a market that has been dominated by Allergan’s cash cow Restasis — now being carved up by generics as AbbVie buys out the company — and Xiidra, a therapy which Takeda sold off to Novartis in a $5.3 billion deal in the wake of the Shire acquisition. Most patients get eye drops for the condition.

ADC Ther­a­peu­tics is­n't go­ing pub­lic in the US af­ter all, while three oth­er biotech IPOs bring in $319M

ADC Therapeutics is taking a last-minute U-turn at the NYSE after bumping their IPO goal up from $150 million to a potential $200 million — while three other biotechs went ahead by pricing at the midpoint or low end of their respective ranges.

Despite earlier indications that insiders would purchase $115 million worth of shares, the Lausanne, Switzerland-based company cited “adverse market conditions” for its decision to withdraw.

New norm? Three biotechs pen­cil in $100M IPOs

Three biotechs have tagged onto an impressive streak of IPOs this year, penciling in $100 million each for their public debuts.

The S-1 from 4D Molecular Therapeutics, Cabaletta Bio and Phathom Pharma — all filed Monday — represent a spread in development stages, technologies as well as therapeutic focus. Roche-partnered 4D Molecular Therapeutics is looking to bring its gene therapy pipeline to the clinic; Cabaletta is putting a twist on the CAR-T cell therapy approach to tackle autoimmune diseases and raising cash for a Phase I trial; while Phathom Pharma has some late-stage programs for a GI asset spun out from Takeda to run.

CRISPR pi­o­neer Feng Zhang's up­start biotech seeks $100M-plus IPO for pre­clin­i­cal base edit­ing work

The CRISPR pioneers’ new, gentler-touch company is aiming for a $100 million initial public offering.

Beam Therapeutics, headed by former Editas founders and gene-editing trailblazers David Liu, Feng Zhang, and J Keith Joung, debuted last year, pushing a softer, more flexible version of gene editing, reflective of a larger trend in the biotech industry. The promise was that instead of hacking at base pairs like first-gen CRISPR does, Beam could instead modify them in a far less disruptive way.

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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