Two preclinical biotechs riding the IPO wave this week look to raise $466M-plus; Blackstone's Galakatos backs Reata to the tune of $350M
→ These days, there’s virtually no raise too big for biotech. Case in point: 2 looming IPOs where the executive team is sketching out some mega-money that can fuel their operations for some time. Avidity Biosciences, which has a preclinical program for myotonic dystrophy type 1, believes it can gin up to $248 million or more now, based on the high end of their range. They’re looking for a market cap of around $619 million. Geoff McDonough at Generation Bio, meanwhile, has his eyes set on $218 million-plus with a top-end range of $19 a share. Generation is also preclinical, something that would have scared off investors earlier. Today, that profile can be worth more than $880 million in market value.
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