The biotech IPO feast flags as in­vestors lose their ap­petite for R&D risk

There was a time af­ter the 2008 crash that biotech IPOs were about as pop­u­lar as snow in March. But from 2013 through 2015 gen­er­al­ist in­vestors got over their fears and jumped in­to one of the hottest stock games on the plan­et. Funds chased each oth­er for huge re­turns. CEOs be­came overnight mil­lion­aires.

Now the mar­ket pen­du­lum has swung back as the bears pushed aside the bulls. But that doesn’t mean that the new ice age has be­gun, ei­ther.

With H1 com­ing to an end to­mor­row, Nas­daq has count­ed 14 biotech IPOs that col­lec­tive­ly raked in $878 mil­lion, a much re­duced fig­ure from the $4 bil­lion raised in 2015 from 42 biotech IPOs they tracked. And it was lit­tle com­pared to the 61 IPOs that raised $4.3 bil­lion dur­ing the go-go days of 2014.

That’s not too sur­pris­ing, giv­en the gale force winds that have been howl­ing in the biotech sec­tor over the last 6 months. A lot of good com­pa­nies have seen their stock prices fall by half. A hint of bad news now can evis­cer­ate stocks in sec­onds, and there are a host of com­pa­nies that are close to or in pen­ny stock ter­ri­to­ry.

What still draws a crowd on Wall Street? Cer­tain­ly gene edit­ing. If you look over the list of H1 IPOs Nas­daq of­fer­ered me, you’ll see that Ed­i­tas and In­tel­lia scored in the top ranks of new IPOs. That’s why CRISPR Ther­a­peu­tics has been set­ting the stage for an S-1 that’s al­most cer­tain­ly go­ing to shoot for the stars.

Chi­na’s BeiGene got the ball rolling with the biggest of­fer­ing of the year. But with more and more biotechs hang­ing back to wait for a sun­nier in­vest­ment cli­mate, it’s not un­usu­al to see plen­ty of dis­counts on share prices.

There are a cou­ple of biotech IPOs in the queue this week, Sy­ros Phar­ma­ceu­ti­cals and Gem­phire Ther­a­peu­tics, which are to­geth­er hunt­ing about $100 mil­lion more.

The mu­sic hasn’t died in biotech, but it’s not near­ly as loud and ur­gent as the hit tunes from 2013-2015. — John Car­roll, fol­low me @John­Cendpts


H1 2016 IPOs

Sym­bol Com­pa­ny Name IPO Date Raise IPO Price
$SELB Se­lec­ta Bio­sciences 6/21/16 $70,000,000 $14.00
$MBRX Mol­e­culin Biotech, Inc. 6/2/16 $9,240,156 $6.00
$MRUS Merus N.V. 5/19/16 $55,000,000 $10.00
$PZRX PhaseRx, Inc. 5/18/16 $18,500,000 $5.00
$ON­SIU On­co­bi­o­log­ics, Inc. 5/13/16 $35,000,004 $6.00
$NT­LA In­tel­lia Ther­a­peu­tics, Inc. 5/6/16 $108,000,000 $18.00
$SBPH Spring Bank Phar­ma­ceu­ti­cals, Inc. 5/6/16 $11,040,000 $12.00
$AGLE Ae­glea Bio­Ther­a­peu­tics Inc. 4/7/16 $50,000,000 $10.00
$CRVS Corvus Phar­ma­ceu­ti­cals, Inc. 3/23/16 $70,500,000 $15.00
$SNDX Syn­dax Phar­ma­ceu­ti­cals Inc 3/3/16 $52,800,000 $12.00
$AVXS AveX­is, Inc. 2/11/16 $95,000,000 $20.00
$PTI Pro­teosta­sis Ther­a­peu­tics, Inc. 2/11/16 $50,000,000 $8.00
$ED­IT Ed­i­tas Med­i­cine, Inc. 2/3/16 $94,400,000 $16.00
$BGNE BeiGene Ltd. Spon­sored ADR 2/3/16 $158,400,000 $24.00

2015 IPOs

 

Sym­bol Com­pa­ny Name IPO Date Raise IPO Price
$MESO Mesoblast Lim­it­ed Spon­sored ADR 11/13/15 $59,836,936 $8.00
$VY­GR Voy­ager Ther­a­peu­tics, Inc. 11/11/15 $70,000,000 $14.00
$OASM Oas­mia Phar­ma­ceu­ti­cal AB ADR 10/23/15 $9,497,152 $4.06
$DMTX Di­men­sion Ther­a­peu­tics, Inc. 10/22/15 $65,000,000 $13.00
$SBBP Strong­bridge Bio­phar­ma plc 10/16/15 $25,000,000 $10.00
$CT­MX Cy­tomX Ther­a­peu­tics, Inc. 10/8/15 $80,000,004 $12.00
$MIRN Mir­na Ther­a­peu­tics, Inc. 10/1/15 $43,750,000 $7.00
$EDGE Edge Ther­a­peu­tics, Inc. 10/1/15 $80,466,661 $11.00
$RGNX RE­GENXBIO, Inc. 9/17/15 $138,600,000 $22.00
$BNTC Ben­itec Bio­phar­ma Lim­it­ed 8/18/15 $13,815,000 $9.21
$GBT Glob­al Blood Ther­a­peu­tics Inc. 8/12/15 $120,000,000 $20.00
$AIMT Aim­mune Ther­a­peu­tics Inc. 8/6/15 $160,000,000 $16.00
$NTEC In­tec Phar­ma Ltd 8/4/15 $30,150,000 $6.00
$VTVT vTv Ther­a­peu­tics, Inc. Class A 7/30/15 $117,187,500 $15.00
$NK Nan­tK­west, Inc. 7/28/15 $207,200,000 $25.00
$DNAI ProN­Ai Ther­a­peu­tics Inc. 7/16/15 $137,700,000 $17.00
$CHMA Chi­as­ma Inc. 7/16/15 $101,840,000 $16.00
$NTRA Nat­era Inc. 7/2/15 $180,000,000 $18.00
$MCRB Seres Ther­a­peu­tics Inc. 6/26/15 $133,749,990 $18.00
$CATB Cataba­sis Phar­ma­ceu­ti­cals Inc. 6/25/15 $60,000,000 $12.00
$NVLS Ni­valis Ther­a­peu­tics Inc. 6/17/15 $77,000,000 $14.00
$AX­ON Ax­o­vant Sci­ences Ltd. 6/11/15 $315,000,000 $15.00
$BITI Bi­otie Ther­a­pies Corp Spon­sored ADR 6/11/15 $55,969,900 $14.88
$GLPG Gala­pa­gos NV Spon­sored ADR 5/14/15 $210,103,750 $42.05
$LIFE aTyr Phar­ma, Inc. 5/7/15 $75,040,000 $14.00
$ADAP Adap­ti­m­mune Ther­a­peu­tics PLC 5/6/15 $191,250,000 $17.00
$CLCD CoLu­cid Phar­ma­ceu­ti­cals, Inc. 5/6/15 $55,000,000 $10.00
$OPGN Op­Gen, Inc. 5/5/15 $17,071,500 $5.99
$BPMC Blue­print Med­i­cines Corp. 4/30/15 $146,625,012 $18.00
$VK­TX Viking Ther­a­peu­tics, Inc. 4/29/15 $24,000,000 $8.00
$CDTX Cidara Ther­a­peu­tics, Inc. 4/15/15 $76,800,000 $16.00
$ADRO Aduro BioTech, Inc. 4/15/15 $119,000,000 $17.00
$XBIT XBiotech, Inc. 4/15/15 $76,000,000 $19.00
$CLLS Cel­lec­tis SA Spon­sored ADR 3/25/15 $228,250,000 $41.50
$SMMT Sum­mit Ther­a­peu­tics PLC 3/4/15 $34,155,000 $9.90
$ITEK In­otek Phar­ma­ceu­ti­cals Cor­po­ra­tion 2/18/15 $40,002,000 $6.00
$NV­TA In­vi­tae Corp. 2/11/15 $101,600,000 $16.00
$NVET Nexvet Bio­phar­ma PLC 2/5/15 $40,000,000 $10.00
$ONCE Spark Ther­a­peu­tics, Inc. 1/30/15 $161,000,000 $23.00
$TCON TRA­CON Phar­ma­ceu­ti­cals, Inc. 1/30/15 $36,000,000 $10.00
$AS­ND As­cendis Phar­ma A/S 1/28/15 $108,000,000 $18.00

2014 IPOs

Sym­bol Com­pa­ny Name IPO Date Raise IPO Price
$JUNO Juno Ther­a­peu­tics Inc. 12/19/14 $264,550,008 $24.00
$BLCM Bel­licum Phar­ma­ceu­ti­cals Inc 12/18/14 $139,650,000 $19.00
$HS­GX His­to­gen­ics Corp. 12/3/14 $65,000,001 $11.00
$NEOT Neo­thet­ics, Inc. 11/20/14 $65,100,000 $14.00
$FGEN Fi­bro­Gen Inc. 11/14/14 $145,800,000 $18.00
$CHRS Co­herus Bio­Sciences Inc. 11/6/14 $85,000,050 $13.50
$XENE Xenon Phar­ma­ceu­ti­cals Inc. 11/5/14 $36,000,000 $9.00
$DB­VT DBV Tech­nolo­gies SA. (ADS) 10/22/14 $92,572,155 $21.64
$PRTO Pro­teon Ther­a­peu­tics Inc. 10/22/14 $61,100,000 $10.00
$ATRA Atara Bio­ther­a­peu­tics Inc. 10/16/14 $55,000,000 $11.00
$FWP For­ward Phar­ma A/S (ADS) 10/15/14 $220,500,000 $21.00
$CALA Calithera Bio­sciences Inc. 10/2/14 $80,000,000 $10.00
$VBLT Vas­cu­lar Bio­gen­ics Ltd. 10/1/14 $40,000,002 $6.00
$VTAE Vi­tae Phar­ma­ceu­ti­cals Inc. 9/24/14 $55,000,000 $8.00
$PRQR Pro­QR Ther­a­peu­tics NV 9/18/14 $97,500,000 $13.00
$TKAI Tokai Phar­ma­ceu­ti­cals Inc. 9/17/14 $97,200,000 $15.00
$AFMD Af­fimed Ther­a­peu­tics BV 9/12/14 $56,000,000 $7.00
$OT­IC Oton­o­my Inc. 8/13/14 $100,000,000 $16.00
$TTOO T2 Biosys­tems Inc. 8/7/14 $57,200,000 $11.00
$LOXO Loxo On­col­o­gy Inc. 8/1/14 $68,399,994 $13.00
$MCUR Macro­cure Ltd. 7/31/14 $53,500,000 $10.00
$ORPN Bio Blast Phar­ma Ltd. 7/31/14 $35,200,000 $11.00
$AAVL Avalanche Biotech­nolo­gies Inc. 7/31/14 $102,000,000 $17.00
$IMDZ Im­mune De­sign Corp. 7/24/14 $60,000,000 $12.00
$PFNX Pfenex Inc. 7/24/14 $49,999,998 $6.00
$SAGE SAGE Ther­a­peu­tics Inc. 7/18/14 $90,000,000 $18.00
$CD­NA CareDx Inc. 7/17/14 $40,000,000 $10.00
$GBIM GlobeIm­mune Inc. 7/2/14 $15,000,000 $10.00
$NERV Min­er­va Neu­ro­sciences Inc. 7/1/14 $32,727,270 $6.00
$KITE Kite Phar­ma Inc. 6/20/14 $127,500,000 $17.00
$ZFGN Zaf­gen Inc. 6/19/14 $96,000,000 $16.00
$ARDX ARDE­LYX INC. 6/19/14 $60,200,000 $14.00
$SGNL Sig­nal Ge­net­ics Inc. 6/18/14 $8,500,000 $10.00
$RDUS Ra­dius Health Inc. 6/6/14 $52,000,000 $8.00
$AL­DR Alder Bio­phar­ma­ceu­ti­cals Inc. 5/8/14 $80,000,000 $10.00
$ALDX Aldeyra Ther­a­peu­tics Inc. 5/2/14 $12,000,000 $8.00
$VTL Vi­tal Ther­a­pies Inc. 4/17/14 $54,000,000 $12.00
$CERU Cerulean Phar­ma Inc. 4/10/14 $59,500,000 $7.00
$ADMS Adamas Phar­ma­ceu­ti­cals Inc. 4/10/14 $48,000,000 $16.00
$AGTC Ap­plied Ge­net­ic Tech­nolo­gies Corp. 3/27/14 $50,000,004 $12.00
$VSAR Ver­sar­tis Inc. 3/21/14 $126,000,000 $21.00
$AK­BA Ake­bia Ther­a­peu­tics Inc. 3/20/14 $100,000,001 $17.00
$GLMD Galmed Phar­ma­ceu­ti­cals Ltd. 3/13/14 $38,304,900 $13.50
$AQXP Aquinox Phar­ma­ceu­ti­cals Inc. 3/7/14 $46,200,000
$REPH Re­cro Phar­ma Inc. 3/7/14 $30,000,000 $8.00
$CNCE Con­cert Phar­ma­ceu­ti­cals Inc. 2/13/14 $84,000,000 $14.00
$EGRX Ea­gle Phar­ma­ceu­ti­cals Inc. 2/12/14 $50,250,000 $15.00
$FLXN Flex­ion Ther­a­peu­tics Inc. 2/12/14 $65,000,000 $13.00
$NRX Nephro­Genex Inc. 2/11/14 $37,200,000 $12.00
$ARGS Ar­gos Ther­a­peu­tics Inc. 2/7/14 $45,000,000 $8.00
$EBIO Eleven Bio­ther­a­peu­tics Inc. 2/6/14 $50,000,000 $10.00
$BIOC Bio­cept Inc. 2/5/14 $19,000,000 $10.00
$GN­CA Geno­cea Bio­sciences Inc. 2/5/14 $66,000,000 $12.00
$AS­PX Aus­pex Phar­ma­ceu­ti­cals Inc. 2/5/14 $84,000,000 $12.00
$QURE uniQure N.V. 2/5/14 $91,800,000 $17.00
$CARA Cara Ther­a­peu­tics Inc. 1/31/14 $55,000,000 $11.00
$TRVN Treve­na Inc. 1/31/14 $64,750,000 $7.00
$RARE Ul­tragenyx Phar­ma­ceu­ti­cal Inc. 1/31/14 $120,967,749 $21.00
$CLDN Cel­ladon Corp. 1/30/14 $44,000,000 $8.00
$DR­NA Dicer­na Phar­ma­ceu­ti­cals Inc. 1/30/14 $90,000,000 $15.00
$GLYC Gly­coMimet­ics Inc. 1/20/14 $56,000,000 $8.00
Secretary of health and human services Alex Azar speaking in the Rose Garden at the White House (Photo: AFP)

Trump’s HHS claims ab­solute au­thor­i­ty over the FDA, clear­ing path to a vac­cine EUA

The top career staff at the FDA has vowed not to let politics overrule science when looking at vaccine data this fall. But Alex Azar, who happens to be their boss’s boss, apparently won’t even give them a chance to stand in the way.

In a new memorandum issued Tuesday last week, the HHS chief stripped the FDA and other health agencies under his purview of their rule making ability, asserting all such power “is reserved to the Secretary.” Sheila Kaplan of the New York Times first obtained and reported the details of the September 15 bulletin.

Anthony Coyle (Pfizer via Youtube)

Flag­ship's merged biotech Reper­toire nets ex-Pfiz­er CSO An­tho­ny Coyle as R&D chief

Flagship is building a big-name C-Suite at its new, $220 million merged biotech.

Repertoire Immune Medicines, which already boasts former Biogen executive John Cox as its CEO, announced yesterday that Anthony Coyle, the former Pfizer CSO and the founding CEO of Pandion, will join as their head of R&D.

“As we progress clinical trials for our multi-clonal T cell candidates in immuno-oncology, Tony’s deep expertise in cellular immunology and novel therapeutic development will help us achieve our vision of creating a new class of transformative medicines for patients,” Cox said in a statement.

Samit Hirawat (Bristol Myers Squibb)

Af­ter bruis­ing re­jec­tion, blue­bird and Bris­tol My­ers Squibb land ide-cel pri­or­i­ty re­view. But will it mat­ter for the CVR?

With the clock all but up, the FDA accepted and handed priority review to Bristol Myers Squibb and bluebird bio’s BCMA CAR-T, keeping a narrow window open for Celgene investors to still cash in on the $9 CVR from the $63 billion Celgene merger.

The acceptance comes five months after the two companies weres slammed with a surprise refuse-to-file that threatened to foreclose the CVR entirely. Today’s acceptance sets the FDA decision date for March 27, 2021 – or precisely 4 days before the CVR deadline of March 31. Given the breakthrough designation and strong pivotal data — 81.5% response rate, 35.2% complete response rate — priority review was largely expected.

Zai Lab hauls in $761M from Hong Kong IPO to push Ze­ju­la, more bud­ding can­di­dates in Chi­na — re­port

Zai Lab is set to net more than $761 million from its secondary listing in Hong Kong after pricing the IPO at $72.51 (HKD$562) — just a hair below its Nasdaq closing price on Monday, Bloomberg and Nikkei Asian Review reported.

A pioneer in bringing Western drugs to China, co-founder and CEO Samantha Du has more than tripled Zai Lab’s market cap in the three years it’s been public in the US. The HKEX listing is designed to fund R&D and commercialization for the current portfolio while fueling new in-licensing pacts, the biotech wrote in a filing.

Tae Han Kim, Samsung Biologics CEO (SeongJoon Cho/Bloomberg via Getty Images)

Sam­sung Bi­o­log­ics nets $330M+ deal from As­traZeneca ahead of 'Su­per Plan­t' con­struc­tion

Just a few weeks after announcing plans to construct a $2 billion “Super Plant,” Samsung Biologics is keeping its foot on the gas.

The Korean CDMO has inked a $330.8 million manufacturing contract with AstraZeneca, the companies announced Monday evening, providing the British drugmaker the ability to expand production capabilities in the Asia market. Per terms of the deal, the partnership could be increased to $545.6 million.

President Donald Trump (via AP Images)

Signs of an 'Oc­to­ber Vac­cine Sur­prise' alarm ca­reer sci­en­tists. HHS con­tin­ues to claim Azar “will de­fer com­plete­ly to the FDA"

President Donald Trump, who seems intent on announcing a Covid-19 vaccine before Election Day, could legally authorize a vaccine over the objections of experts, officials at the FDA and even vaccine manufacturers, who have pledged not to release any vaccine unless it’s proved safe and effective.

In podcasts, public forums, social media and medical journals, a growing number of prominent health leaders say they fear that Trump — who has repeatedly signaled his desire for the swift approval of a vaccine and his displeasure with perceived delays at the FDA — will take matters into his own hands, running roughshod over the usual regulatory process.

#ES­MO20: Push­ing in­to front­line, Mer­ck and Bris­tol My­ers duke it out with new slate of GI can­cer da­ta

Having worked in parallel for years to move their respective PD-1 inhibitors up to the first-line treatment of gastrointestinal cancers, Merck and Bristol Myers Squibb finally have the data at ESMO for a showdown.

Comparing KEYNOTE-590 and CheckMate-649, of course, comes with the usual caveats. But a side-by-side look at the overall survival numbers also offer some perspective on a new frontier for the reigning checkpoint rivals, both of whom are claiming to have achieved a first.

Norbert Bischofberger, Kronos CEO

Three more biotechs look to jump on­to Nas­daq amid IPO boom, in­clud­ing Nor­bert Bischof­berg­er's Kro­nos

Three drug developers announced plans to go public on Friday, a sign that the IPO window for biopharma is wide open.

First up is Daly City, CA-based Spruce Biosciences. They filed for an $86 million IPO to develop their pipeline for classic congenital adrenal hyperplasia (CAH). Currently, only steroids are available to treat the condition, which affects the adrenal glands above the kidneys. Spruce’s tildacerfont, a non-steroidal option, is in a Phase IIb trial in adults with classic CAH and poor disease control. The company expects a topline readout here in the next 12 to 15 months. The small molecule is also in a Phase IIb study in adults with classic CAH and good disease control. Spruce expects topline data here in the first half of 2022.

Francesco De Rubertis

Medicx­i's David Grainger and Francesco De Ru­ber­tis pump €200M in­to six com­pa­nies and what they say is a first-of-its kind fund

In what they’re billing as a first for biotech, David Grainger, Francesco De Rubertis and their team at Medicxi have put down a €200 million to sweep up stakes in six companies from their predecessor VC and pump new money into them.

Medicxi didn’t disclose which companies it was investing in but the portfolio draws from Index Ventures Life VI, one of the last funds the Medicxi team launched while they were still part of the multinational, tech-focused VC firm Index Ventures. That team kept advising Index on their life sciences portfolio even after they spun out to form their own firm in the middle of 2016.

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