TKI biotech lays out plans to raise about $125M in IPO; Hookipa sets terms for upsized $100M IPO
→ San Diego-based Turning Point Therapeutics has laid out terms for its IPO, planning to sell 7.4 million shares at a range of $16 to $18 a share. Renaissance Capital reports that insiders expect to take about 40% of a total of around $125 million, which would give the oncology biotech a valuation of more than $500 million. They’ll sell shares under the $TPTX symbol. The biotech is developing a pipeline of tyrosine kinase inhibitors.
→ Hookipa Biotech is shooting for $100 million in an upsized IPO, having announced a price range of $14 to $16 for 6.7 million shares for its offering under the symbol $HOOK. The raise will fund the New York-based company’s immunotherapies — a clinical program in cytomegalovirus infection and preclinical ones for immuno-oncology — while it works on HBV and HIV programs for partner Gilead. At the midpoint of the proposed range, Renaissance Capital reports, it would command a valuation of $412 million.
→ Sanofi has decided to take an autoimmune therapy developed by Schrödinger into the clinic, triggering a milestone payment to the computational drug design shop as written out in their collaboration pact.