Two biotech unicorns swell proposed IPOs, eyeing a $600M-plus windfall
We’ve been waiting for the arrival of BridgeBio’s IPO to top off the wave of new biotech offerings sweeping through Nasdaq at the end of H1. And now we learn that it’s been substantially upsized.
Initially penciled in at a unicorn-sized $225 million, the KKR-backed biotech has spiked that to the neighborhood of $300 million, looking to sell 20 million shares at $14 to $16 each. That’s an added 5 million shares, reports Renaissance Capital, which figures the proposed market valuation for Neil Kumar’s company at $1.8 billion.
And they are not alone. The immunosequencing outfit Adaptive Biotechnologies is also going the upsizing route, adding 2.5 million shares in pursuit of roughly the same amount as BridgeBio has in mind. That would put its market cap at $2.5 billion.
The pricings should trigger before the end of the week if all goes well. They’re two of 4 biotech IPOs slated for a debut this week.
J.P. Morgan, Goldman Sachs, Jefferies, SVB Leerink, KKR, Piper Jaffray, Mizuho Securities, BMO Capital Markets and Raymond James are handling the book running at BridgeBio. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Cowen and Guggenheim Securities are doing the honors at Adaptive.
Social image: Neil Kumar. Endpoints