Biopharma Companies Seek Hundreds of Millions in June IPOs

 

While COVID-19 has caused the delay in some clinical trials and hampered workflow in the biopharma industry due to social distancing concerns, some companies have pushed ahead with initial public offerings (IPO) in hopes of securing investor monies to support drug and business development.

BioSpace takes a look at some of the most recent IPO plans from companies across the globe.

Legend Biotech – New Jersey-based Legend, a company focused on the development of novel cell therapies for oncology and other indications, announced it was offering an IPO of $23 per share in hopes of securing $423.8 million to support the development of its pipeline. The stock debuted on the Nasdaq exchange on June 5 and as of June 12, share prices were trading at $37.75. The debut netted the company $487 million.

Generation Bio – Cambridge, Mass.-based Generation Bio launched its IPO on June 12 on the Nasdaq. The gene therapy company priced its stock at $19 per share in hopes of securing $200 million to support the development of its programs. The IPO closes on June 16. Hours after the stock debuted, share prices jumped more than 15% to $21.99 per share. In January, the company secured $110 million in a Series C fundraising round. The company is advancing two lead liver-targeted programs for hemophilia A and phenylketonuria (PKU) into IND-enabling studies and clinical development.

Avidity Biosciences — Oligonucleotide-based therapeutic company Avidity Biosciences announced the pricing of its IPO at $18 per share. Like Generation, Avidity’s stock began trading on the Nasdaq June 12 under the ticker symbol RNA. The company expects to secure $259.2 million from the IPO. The offering will close June 16. Avidity uses its antibody oligonucleotide conjugates to treat a number of serious diseases. The company’s lead product candidate, AOC 1001, is designed to treat myotonic dystrophy type 1, and its four other muscle programs are focused on the treatment of muscle atrophy, Duchenne muscular dystrophy, facioscapulohumeral muscular dystrophy and Pompe disease.

Lantern Pharma – Dallas-based Lantern Pharma, Inc. announced the pricing of its IPO at $15 per share. The company focused on leveraging artificial intelligence platform to streamline the drug development process, to secure $26.25 million to support its programs. Shares began trading on the Nasdaq under the ticker symbol LTRN on June 11. The stock climbed to $15.25 on its first day of trading but has slid back to under $14.50 by June 12.

Annovis Bio – Neurodegenerative disease-focused Annovis Bio, Inc., based in Berwyn, Penn., closed its IPO at $6 per share. The company secured $13.8 million. The company’s platform is addressing various neurodegeneration diseases such as Alzheimer’s disease, Parkinson’s disease and Alzheimer’s in Down Syndrome. The company is developing a medication that inhibits more than one neurotoxic protein and, thereby, improves the information highway of the nerve cell, known as axonal transport. Its lead candidate is in Phase IIa.

Vaxcyte, Inc. – Next-generation vaccine developers Vaxcyte, Inc. listed on the Nasdaq June 12 at $16 per share and its price shot up more than 58% to $25.60 before the end of business that first day. The company had a goal of securing $250 million from its IPO. It trades under the ticker symbol PCVX. Formerly known as SutroVax, Vaxcyte is developing preventative medicines for several diseases. The company is developing a vaccine for pneumococcal conjugate vaccines, and is also developing VAX-A1, a prophylactic vaccine to prevent Group A Strep infections and a therapeutic vaccine to treat periodontal disease, VAX-PG.

Burning Rock – China-based Burning Rock Bio was looking to raise $247.8 million in its IPO on June 12. That funding includes $25 million in a private placing, the company said. The stock was priced at $16.50 per share and will be traded on the Nasdaq under the ticker symbol BNR. Burning Rock provides next-generation DNA sequencing-based cancer therapy selection tests in China.