Sienna Bio bags $65M in the latest successful biotech IPO
Bustling along with a pipeline of therapies for various skin conditions, Sienna Biopharmaceuticals has raised about $65 million from its IPO after pricing 4.3 million shares at $15. Underwriters have an option on another 650,000 shares.
Sienna’s starting price is right in the middle of the range it set for itself, marking another successful outing in a string of biotech IPOs over the last two months.
Sienna has been moving fast since its $46 million A round a year ago.
In their S-1 filed July 3rd, Sienna revealed that it was able to buy Creabilis for only $200,000 in cash, throwing in preferred shares valued at $11.2 million plus development milestones of $58 million and sales milestones of $80 million more.
That deal netted SNA-120 and SNA-125, two transdermal therapies for inflammatory skin diseases and pruritus. Another drug from their “Topical Photoparticle Therapy platform” is now in pivotal trials for acne and hair reduction. Sienna has been working on a topical solution that can be managed by laser tech and targets microstructures in the skin. The big idea here is that the right tech can eliminate acne and permanently remove hair.
The biotech’s biggest investor is Arch, which went into the IPO with 24% of the shares. Its shares will trade under the $SNNA symbol.