News briefing: Gyroscope and Talaris set IPO terms; FDA grants expanded nod to Chiesi's sickle cell drug
In a week where two biotech IPOs were already expected, another two prospective entrants have set their debut terms ahead of their launch later this week.
Gyroscope Therapeutics and Talaris Therapeutics each set IPO terms Monday morning. Gyroscope, based out of the UK, is planning to offer 6.8 million ADSs at a price range of $20 to $22, while Talaris expects to offer 8.8 million shares between $16 and $18 each.
Should everything go according to plan, Gyroscope will pull in about $142 million while Talaris will raise roughly $150 million.
Both of those figures are higher than their initial S-1 estimates of $100 million each, though that figure has become a placeholder with the flood of biotechs entering the market over the last 16 months or so.
Last year’s pandemic IPO boom hasn’t lost any steam in 2021, with 50 companies having filed or priced their IPOs so far this year. Gyroscope and Talaris are expected to join Valneva and Anebulo in their debuts later this week, bringing the total combined IPO raise close to $7 billion, per the Endpoints News tally. That figure is well on pace to eclipse the amount raised in 2020 of $16 billion-plus, which set a record for the biotech industry. — Max Gelman
FDA grants sickle cell approval to Chiesi, expanding use
Chiesi Global Rare Diseases received FDA approval for its sickle cell disease drug Ferriprox, the company announced Saturday.
The approval expands the use of the drug for patients with sickle cell or other anemias, as well as patients with thalassemia regardless of prior iron chelation exposure. Ferriprox is an orally active agent that has proved effective in reducing iron concentration by removing toxic iron from organ tissues and extracellular fluids. The drug is taken as a 1,000 mg, twice-daily tablet.
“We believe that delivering an iron chelation therapy that has no dosage adjustment required for patients with mild to severe renal impairment may address a significant unmet need in SCD,” CEO Giacomo Chiesi said in a statement.
The good news comes just days after Chiesi and partner Protali Biotherapeutics received a complete response letter Wednesday for their Fabry disease hopeful. — Josh Sullivan