Upsized offering delivers $100M payoff to argenx as another biotech joins the IPO parade
The Dutch antibody shop argenx is the latest biotech to join the growing IPO parade on Nasdaq.
The biotech raised $100 million on the sale of 5.9 million shares at $17 each. And that reflects an increase of more than 2 million shares over what the company had initially planned to offer.
Argenx will trade under the ARGX symbol and CEO Tim Van Hauwermeiren gets to ring the opening bell today to celebrate the IPO.
Just a few weeks ago argenx was shooting for a $75 million offering, hoping to attract investors to its antibody Fc engineering technologies. Argenx has done a number of collaborations, including one with AbbVie, and has a pipeline of therapies with the most advanced in Phase II.
Just a day ago G1 Therapeutics raised $105 million, hitting the low mark in its range. That followed a string of IPOs over the last month from Ovid Therapeutics $OVID worth $75 million, Verona Pharma $VRNA hit $78 million, UroGen $URGN tucked in $58 million, ZymeWorks $ZYME gained $59 million and BioHaven, $BHVN with a rich haul of $168 million.
That comes to $643 million in gross proceeds over the past few weeks. And with that kind of money on the table, you should expect to see more CEOs dusting off their S-1s and F-1s.