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
Ugur Sahin, BioNTech CEO (Bernd von Jutrczenka/dpa via AP Images)

BioN­Tech is spear­head­ing an mR­NA vac­cine de­vel­op­ment pro­gram for malar­ia, with a tech trans­fer planned for Africa

Flush with the success of its mRNA Covid-19 vaccine, BioNTech is now gearing up for one of the biggest challenges in vaccine development — which comes without potential profit.

The German mRNA pioneer says it plans to work on a jab for malaria, then transfer the tech to the African continent, where it will work with partners on developing the manufacturing ops needed to make this and other vaccines.

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How one start­up fore­told the neu­ro­science re­nais­sance af­ter '50 years of shit­show'

In the past couple of years, something curious has happened: Pharma and VC dollars started gushing into neuroscience research.

Biogen’s controversial new Alzheimer’s drug Aduhelm has been approved on the basis of removing amyloid plaque from the brain, but the new neuro-focused pharma and biotechs have much loftier aims. Significantly curbing or even curing the most notorious disorders would prove the Holy Grail for a complex system that has tied the world’s best drug developers in knots for decades.

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Why is On­col­o­gy Drug De­vel­op­ment Re­search Late to the Dig­i­tal Bio­mark­ers Game?

During the recent Annual ASCO Meeting, thousands of cancer researchers and clinicians from across the globe joined together virtually to present and discuss the latest findings and breakthroughs in cancer research and care. There were more than 5000+ scientific abstracts presented during this event, yet only a handful involved the use of motion-tracking wearables to collect digital measures relating to activity, sleep, mobility, functional status, and/or quality of life. Although these results were a bit disappointing, they should come as no surprise to those of us in the wearable technology field.

Bob Bradway, Amgen CEO (Scott Eisen/Bloomberg via Getty Images)

Am­gen bel­lies back up to the M&A ta­ble for an­oth­er biotech buy­out, this time with a $2.5B deal for an an­ti­body play­er fo­cused on PS­MA

Five months after Amgen CEO Bob Bradway stepped up to the M&A table and acquired Five Prime for $1.9 billion, following up with the smaller Rodeo acquisition, he’s gone back in for another biotech buyout.

This time around, Amgen is paying $900 million cash while committing up to $1.6 billion in milestones to bag the privately held Teneobio, an antibody drug developer that has expertise in developing new bispecifics and multispecifics. In addition, Amgen cited Teneobio’s “T-cell engager platform, which expands on Amgen’s existing leadership position in bispecific T-cell engagers by providing a differentiated, but complementary, approach to Amgen’s current BiTE platform.”

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Art Levinson (Calico)

Google-backed Cal­i­co dou­bles down on an­ti-ag­ing R&D pact with Ab­b­Vie as part­ners ante up $1B, start to de­tail drug tar­gets

Seven years after striking up a major R&D alliance, AbbVie and Google-backed anti-aging specialist Calico are doubling down on their work with a joint, $1 billion commitment to continuing their work together. And they’re also beginning to offer some details on where this project is taking them in the clinic.

According to their statement, each of the two players is putting up $500 million more to keep the labs humming.

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Andrea Pfeifer, AC Immune CEO (AC Immune)

Look­ing to repli­cate Covid-19 suc­cess in neu­ro, BioN­Tech back­ers bet on AC Im­mune and its new­ly-ac­quired Parkin­son's vac­cine

The German billionaires behind BioNTech have found a new vaccine project to back.

Through their family office Athos Service, twin brothers Thomas and Andreas Strüngmann are leading a $25 million private placement into Switzerland’s AC Immune — which concurrently announced that it’s shelling out $58.7 million worth of stock to acquire Affiris’ portfolio of therapies targeting alpha-synuclein, including a vaccine candidate, for Parkinson’s disease.

Rajiv Shukla, Constellation Alpha Holdings

Can­del gets busy IPO week mov­ing with down­sized raise as Ra­jiv Shuk­la's third SPAC goes pub­lic

Editor’s note: Interested in following biopharma’s fast-paced IPO market? You can bookmark our IPO Tracker here.

In a week that’s expected to see several biotechs price their IPOs, Candel Therapeutics got things kicked off Tuesday with a muted opener.

The company helmed by former GlaxoSmithKline vet Paul Peter Tak made its way to Nasdaq thanks to a $72 million raise, which was downsized by about 15% than originally anticipated, according to Renaissance Capital. Candel priced at $8 per share after initially seeking to launch in the $13 to $15 range.

Busi­ness­es and schools can man­date the use of Covid-19 vac­cines un­der EUAs, DOJ says

As public and private companies stare down the reality of the Delta variant, many are now requiring that their employees or students be vaccinated against Covid-19 prior to attending school or to returning or starting a new job. Claims that such mandates are illegal or cannot be used for vaccines under emergency use authorizations have now been dismissed.

Setting the record straight, the Department of Justice on Monday called the mandates legal in a new memo, even when used for people with vaccines that remain subject to EUAs.

Gerry Brunk (Lumira)

What will Lu­mi­ra Ven­tures do with $220M? Stay out of the com­fort zone and off the beat­en biotech path

Lumira Ventures closed its largest fund on Monday, raking in $220 million to pump into the life sciences — but instead of targeting biotech hubs like San Francisco and Boston, the company is rolling the dice on “underserved geographies” in the US and Canada.

“We find oftentimes companies located in places like Montreal, or Fort Lauderdale, FL, or Kansas City or Phoenix, AZ just have more capital efficiency and better valuations, without having to compromise anything at all in the quality of the innovation and the management talent,” co-founder and managing partner Gerry Brunk told Endpoints News.