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

Scoop: Boehringer qui­et­ly shut­ters a PhII for one of its top drugs — now un­der re­view

Boehringer Ingelheim has quietly shut down a small Phase II study for one of its lead drugs.

The private pharma player confirmed to Endpoints News that it had shuttered a study testing spesolimab as a therapy for Crohn’s patients suffering from bowel obstructions.

A spokesperson for the company tells Endpoints:

Taking into consideration the current therapeutic landscape and ongoing clinical development programs, Boehringer Ingelheim decided to discontinue our program in Crohn’s disease. It is important to note that this decision is not based on any safety findings in the clinical trials.

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Alex­ion puts €65M for­ward to strength­en its po­si­tion on the Emer­ald Isle

Ireland has been on a roll in 2022, with several large pharma companies announcing multimillion-euro projects. Now AstraZeneca’s rare disease outfit Alexion is looking to get in on the action.

Alexion on Friday announced a €65 million ($68.8 million) investment in new and enhanced capabilities across two sites in the country, including at College Park in the Dublin suburb of Blanchardstown and the Monksland Industrial Park in the central Irish town of Athlone, according to the Industrial Development Agency of Ireland.

Members of the G7 from left to right: Prime Minister of Italy Mario Draghi, European Commission President Ursula von der Leyen, President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, Prime Minister of Japan Fumio Kishida, French President Emmanuel Macron and European Council President Charles Michel (AP Photo/Susan Walsh)

Biden and G7 na­tions of­fer funds for vac­cine and med­ical prod­uct man­u­fac­tur­ing project in Sene­gal

Amidst recently broader vaccine manufacturing initiatives from the EU and European companies, the G7 summit in the mountains of Bavaria has brought about some positive news for closing vaccine and medical product manufacturing gaps around the globe.

According to a statement from the White House, the G7 leaders have formally launched the partnership for global infrastructure, PGII. The effort will aim to mobilize hundreds of billions of dollars to deliver infrastructure projects in several sectors including the medical and pharmaceutical manufacturing space.

State bat­tles over mifepri­s­tone ac­cess could tie the FDA to any post-Roe cross­roads

As more than a dozen states are now readying so-called “trigger” laws to kick into effect immediate abortion bans following the overturning of Roe v. Wade on Friday, these laws, in the works for more than a decade in some states, will likely kick off even more legal battles as states seek to restrict the use of prescription drug-based abortions.

Since Friday’s SCOTUS opinion to overturn Americans’ constitutional right to an abortion after almost 50 years, reproductive rights lawyers at Planned Parenthood and other organizations have already challenged these trigger laws in Utah and Louisiana. According to the Guttmacher Institute, other states with trigger laws that could take effect include Arkansas, Idaho, Kentucky, Mississippi, Missouri, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, and Wyoming.

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Deborah Dunsire, Lundbeck CEO

Af­ter a 5-year re­peat PhI­II so­journ, Lund­beck and Ot­su­ka say they're fi­nal­ly ready to pur­sue OK to use Rex­ul­ti against Alzheimer's ag­i­ta­tion

Five years after Lundbeck and their longtime collaborators at Otsuka turned up a mixed set of Phase III data for Rexulti as a treatment for Alzheimer’s dementia-related agitation, they’ve come through with a new pivotal trial success they believe will finally put them on the road to an approval at the FDA. And if they’re right, some analysts believe they’re a short step away from adding more than $500 million in annual sales for the drug, already approved in depression and schizophrenia.

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A Mer­ck part­ner is sucked in­to the fi­nan­cial quag­mire as key lender calls in a note

Another biotech standing on shaky financial legs has fallen victim to the bears.

Merck partner 4D Pharma has reported that a key lender, Oxford Finance, shoved the UK company into administration after calling in a $14 million loan they couldn’t immediately make good on. Trading in their stock was halted with a market cap that had fallen to a mere £30 million.

“Despite the very difficult prevailing market conditions,” 4D reported on Friday, the biotech had been making progress on finding some new financing and turned to Oxford with an alternative late on Thursday and then again Friday morning.

Fed­er­al judge de­nies Bris­tol My­er­s' at­tempt to avoid Cel­gene share­hold­er law­suit

Some Celgene shareholders aren’t happy with how Bristol Myers Squibb’s takeover went down.

On Friday, a New York federal judge ruled that they have a case against the pharma giant, denying a request to dismiss allegations that it purposely slow-rolled Breyanzi’s approval to avoid paying out $6.4 billion in contingent value rights (CVR).

When Bristol Myers put down $74 billion to scoop up Celgene back in 2019, liso-cel — the CAR-T lymphoma treatment now marketed as Breyanzi — was supposedly one of the centerpieces of the deal. After going back and forth on negotiations for about six months, BMS put $6.4 billion into a CVR agreement that required an FDA approval for Zeposia, Breyanzi and Abecma, each by an established date.

Chris Anzalone, Arrowhead CEO

Take­da, Ar­row­head spot­light da­ta from small tri­al show­ing RNAi works in a rare liv­er con­di­tion

Almost two years after Takeda wagered $300 million cash to partner with Arrowhead on an RNAi therapy for a rare disease, the companies are spelling out Phase II data that they believe put them one step closer to their big dreams.

In a small, open label study involving only 16 patients who had liver disease associated with alpha-1 antitrypsin deficiency (AATD), Arrowhead’s candidate — fazirsiran, previously ARO-AAT — spurred substantial reductions in accumulated mutant AAT protein in the liver, a hallmark of the condition. Investigators also tracked improvements in symptoms, with seven out of 12 who received the high, 200 mg dose seeing regression of liver fibrosis.

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No stranger to gene ther­a­py woes, Astel­las runs in­to an­oth­er safe­ty-re­lat­ed clin­i­cal hold

Astellas Pharma, which has been at the forefront of uncovering the risks associated with gene therapies delivered by adeno-associated viruses, must take another safety alarm head-on.

The FDA has slapped a clinical hold on Astellas’ Phase I/II trial of a gene therapy candidate for late-onset Pompe disease, after investigators flagged a serious case of peripheral sensory neuropathy.

It marks the latest in a streak of setbacks Astellas has encountered since making a splashy entry into the gene therapy space with its $3 billion buyout of Audentes. But the lead program, AT132 for the treatment of X-linked myotubular myopathy (XLMTM), had to be halted more than once after a total of four patients died in the trial — and the scientific community still doesn’t have all the answers of what caused the deaths.

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