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In a first, HKEX re­ceives IPO pitch from lo­cal biotech look­ing to make it big in crowd­ed an­ti­bod­ies field

A Hong Kong-based antibody maker has filed for an IPO on the HKEX, marking the first truly homegrown company to take advantage of new rules that allow pre-revenue biotechs to list on the stock exchange.

Founder and CEO Shawn Leung calls SinoMab an industry pioneer in the region, having started out in 2002 with support from Morningside — at a time the city’s leaders appeared more interested in “rationalization” of Chinese medicine. Leung, an Oxford-educated local who trained in the US first as a postdoc then at Immunomedics, came up with his own framework for humanizing antibodies. That formed the basis of SinoMab’s current pipeline, which comprises a lead anti-CD22 drug, a BTK inhibitor, and four other preclinical mAbs.

Puretech-backed Karuna makes Nas­daq de­but with $89M IPO

Betting on the potential of two older drugs to fight Alzheimer’s and schizophrenia — Boston-based Karuna Therapeutics has priced its upsized initial public offering in the middle of the range, raising gross proceeds of about $89 million.

The company, which will debut on the Nasdaq under the symbol “$KRTX” on Friday, is working on the hypothesis that a combination of muscarinic acetylcholine receptor agonist xanomeline — an Eli Lilly $LLY castoff — and trospium chloride, an FDA-approved muscarinic receptor antagonist together will make an adept antipsychotic.

Bridge­Bio takes crown for biggest biotech IPO of 2019, as fel­low uni­corn Adap­tive rais­es of­fer­ing size and price

BridgeBio Pharma and Adaptive Biotechnologies have not just upsized IPO offerings — the pair of unicorns have also raised their offering prices above the range, hauling in a combined $648.5 million.

Neil Kumar’s BridgeBio Pharma, founded in 2015, has a stable of companies focused on diseases that are driven by defects in a single gene — encompassing dermatology, cardiology, neurology, endocrinology, renal disease, and ophthalmology — and cancers with clear genetic drivers. The startup mill birthed a plethora of firms such as Eidos, Navire, QED Therapeutics and PellePharm, which function as its subsidiaries.

Tasly Bio­phar­ma pitch­es long-await­ed IPO — will it trig­ger an­oth­er $1B gold rush on HKEX?

In the run up to the Hong Kong stock exchange’s anticipated rule change — opening the door for Chinese pre-revenue biotechs to go public closer to home — more than a year ago, Tasly Biopharma was one of the big players whose rumored interest helped stoke enthusiasm for the new listing venue. The company has since kept the drumroll rumbling in the background, raising a pre-IPO round and convincing partner Transgene to swap ownership in a joint venture for equity. Now the other shoe has finally dropped as execs outline plans for a pipeline dominated by cardiovascular drugs.

With 4 more biotech IPOs due to wrap up Q2, how is the class of 2019 far­ing?

With 22 biotech IPOs on the books and four more set to price in the last week of June, investment adviser Renaissance Capital has taken the pulse of the recent rush.

By the IPO experts’ count, 25 out of 32 healthcare offerings this year have been from biotechs — differing slightly from Brad Loncar’s tally — and the overall picture is one of underperformance. While they averaged a first-day return of 9.0%, collectively they have traded down to a 5.9% return. Turning Point $TPTX and Cortexyme $CRTX emerged on top at the half-year mark, rising 135% and 109% respectively.

Mike Grey. Mirum

In $86M IPO pitch, Mirum spells out plans to turn Shire dis­cards in­to or­phan liv­er drug suc­cess­es

Mike Grey doesn’t have any time to waste. Having regained control of two liver disease drugs from Shire and positioned them for pivotal studies — five years after first handing them off in a deal to sell Lumena, where he was CEO — Grey is steering Mirum straight into an IPO with a $86 million ask.

Not that Mirum has spent much of its $120 million Series A cash since launching last November. According to the S-1, the Californian biotech has burned through $23.3 million as of March, but expects expenses to pick up once their clinical work gathers steam.

In­vestors pony up $476M for the lat­est round of biotech IPOs to hit the Street

Three biotechs — and a genome sequencing player — have caught the latest tide to the Gold Coast of IPOs, rounding out the first half of 2019 with 23 new drug developers making it on Nasdaq.

Most of these companies filed their IPOs almost simultaneously, though we’re still waiting on word of fellow classmate BridgeBio’s pricing after CEO Neil Kumar set the terms at $14 to $16 a share on Monday in search of a $240 million (or so) windfall. If he’s successful, that would take the one-week haul past the $700 million mark, a fresh sign that investors’ enthusiasm for newly coined public biotechs hasn’t cooled.

Ed Kaye. Stoke Therapeutics

Pre­clin­i­cal an­ti­sense biotech, led by for­mer Sarep­ta CEO Kaye, vaults on to Nas­daq with up­sized IPO

Less than a year after raising $90 million in its second round of financing, former Sarepta chief Edward Kaye is making the leap to the Nasdaq on Wednesday with an upsized offering for his preclinical antisense biotech, Stoke Therapeutics.

The company in-licensed its technology: Targeted Augmentation of Nuclear Gene Output (TANGO) from Cold Spring Harbor Laboratory’s Adrian Krainer, who is credited as the inventor of Biogen’s $BIIB spinal muscular atrophy drug Spinraza. Krainer co-founded Stoke and serves on its board.

Han­soh grabs $1B wind­fall in the lat­est Chi­na phar­ma IPO to hit the Hong Kong ex­change

China’s fast-growing pharma powerhouse Hansoh Pharmaceutical has raised a billion dollars in the latest IPO to hit the Hong Kong exchange. And the green shoe could push that up to $1.15 billion, according to the Financial Times.

The financial news group reported that Hansoh hit the top of its range, selling 551 million shares at $1.82 each. Roughly half of that windfall will go to R&D, with the other half earmarked for their manufacturing, sales and marketing organization.

Weeks af­ter rais­ing $40M, Cel­gene-part­nered In­hi­brx lays ground­work for near­ly $75M pub­lic de­but

Celgene-partnered biotech Inhibrx has had a busy 2019 so far. The La Jolla, California-based company kicked off an early-stage oncology study, partnered with bluebird bio, signed a pact with Italy’s Chiesi Group and secured a $40 million venture capital injection. On Monday, it laid the groundwork for a roughly $75 million IPO.

Inhibrx is developing a plethora of biologics — it has three oncology programs in human clinical trials, a rare disease program, for which it expects to initiate a human study in the third quarter of 2019, as well as two preclinical drugs.