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.

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