Healthcare IPOs defy gravity and second law of thermodynamics with 8 new pricings last week and 2 new filings.

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Well, here we are again, looking back at another massive round of biotech IPOs priced just last week, as the beat goes on and on and…

My trusty, hand-held calculator from Staple says the total haul came in at $916 million, further evidence that healthcare–and biotech, especially–companies can still do the old rain-dance on Wall Street with the investment community throwing gobs of money at everything. Almost as though the US Dollar is closer to being replaced by the Chinese Yuan in world markets sooner than later.

We’re supposed to be in line for the summer doldrums, but somebody forgot to wave the white flag after the first week in July, as the IPO party keeps on keepin on. Here are the eight latest pricings and two new filings.

Replimune Group Inc., which is developing oncolytic immunotherapies to fight solid tumors, raised $101 million by offering 6.7 million shares at $15, within the range of $14 to $16. Woburn, MA-based Replimune lists on the Nasdaq under the symbol “REPL.” J.P. Morgan, Leerink Partners and BMO Capital Markets acted as lead managers on the deal.

Replimune bills itself as a clinical-stage biotechnology company that uses its proprietary Immulytic platform to design and develop product candidates that are intended to maximally activate the immune system against solid tumors. Shares closed the week up 16 cents at $15.16.

Elsewhere, Provention Bio Inc. closed its initial public offering, raising approximately $63.9 million. Funds from the round will help support the Oldwick, NJ-based company’s clinical-stage biopharmaceuticals that aim to prevent or intercept immune-mediated diseases. Provention Bio said that it expects shares of its common stock will begin trading on Nasdaq under the ticker symbol “PRVB” this Tuesday.

The company offered shares at $4 each during the IPO. MDB Capital Group acted as the sole book-runner for the offering, with Dougherty & Co. acting as a qualified independent underwriter, according to a press release. Last July, Provention Bio announced an interest in researching and producing vaccine technology intended to prevent the onset of Type 1 diabetes.

Tilray Inc., a vertically integrated supplier of medical and recreational cannabis, raised $153 million by offering 9.0 million shares at $17, above the range of $14 to $16. The Nanaimo, Canada-based company had planned to raise $135 million by offering 9 million shares at a price range of $14 to $16.

The company says it was one of the first companies to be licensed by Health Canada to cultivate and sell medical cannabis in Canada and also one of the first companies to become a licensed dealer of medical cannabis in Canada. Tilray was founded in 2014 and booked $23 million in sales for the 12 months ended March 31, 2018. It lists on the Nasdaq under the symbol “TLRY.” Cowen acted as lead manager on the deal. Shares closed the week up 75% at $29.77.

Allakos Inc., which is developing antibodies for allergic, inflammatory and proliferative diseases, raised $128 million by offering 7.1 million shares at $18, above the $15 to $17 range. The San Carlos, CA-based company originally planned to offer 6.0 million shares. Insiders intended to buy $35 million on the IPO (27% of the deal). Allakos lists on the Nasdaq under the symbol “ALLK.” Goldman Sachs and Jefferies acted as lead managers on the deal. Shares closed the week up 95% at $35.05.

Constellation Pharmaceuticals Inc., which is developing epigenetic cancer therapies that modulate abnormal genes, raised $60 million in a downsized offering of 4.0 million shares at $15, the midpoint of the $14 to $16 range. It originally filed to raise $80 million by offering 5.34 million shares. At IPO, the biotech commands a fully diluted market value of $410 million. Cambridge, MA-based Constellation Pharmaceuticals lists on the Nasdaq under the symbol “CNST.” J.P. Morgan, Jefferies and BMO Capital Markets acted as lead managers on the deal. Shares closed the week down 21% at $11.89.

Establishment Labs Holdings Inc., a fast-growing provider of silicone breast implants outside the US, raised $67 million in an upsized offering of 3.7 million shares at $18, above the range of $15 to $17. The Alajuela, Costa Rica-based company originally filed to offer 3.1 million shares. Establishment Labs lists on the Nasdaq under the symbol “ESTA.” Jefferies and Cowen acted as lead managers on the deal.

The company is focused “on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market.” Its line of silicone gel-filled breast implants, branded as Motiva Implants, is the centerpiece of its MotivaImagine medical technology platform. Shares closed the week up 47% at $26.39.

Rubius Therapeutics Inc., a preclinical biotech developing novel therapies based on red blood cells, raised $241 million by offering 10.5 million shares at $23, above the $20 to $22 range. The company had originally planned to raise $200 million by selling 9.5 million shares at $21. At pricing, the Cambridge, MA-based company will command a fully diluted market value of $2.0 billion and an enterprise value of $1.6 billion.

The biotech develops cell therapies called Red Cell Therapeutics using its proprietary platform called Rubius Erythrocyte Design. An IND application for lead candidate RTX-134 for phenylketonuria should be filed in Q1 2019. Rubius Therapeutics lists on the Nasdaq under the symbol “RUBY.” J.P. Morgan, Morgan Stanley, Jefferies and Leerink Partners acted as lead managers on the deal. Shares closed the week up 15% at $26.54.

Crinetics Pharmaceuticals Inc., a clinical stage biotech developing oral therapies for rare endocrine diseases, raised $102 million by offering 6 million shares at $17, the high end of the $15 to $17 range. The company had originally planned to raise $80 million by selling 5 million shares at $16. At pricing, Crinetics commands a fully diluted market value of $421 million and an enterprise value of $256 million.

San Diego-based Crinetics lists on the Nasdaq under the symbol “CRNX.” J.P. Morgan, Leerink Partners and Piper Jaffray acted as lead managers on the deal. Crinetics’ lead product candidate, CRN00808, is currently in clinical development for the treatment of acromegaly. Shares closed the week up 35% and $23.

Aridis Pharmaceuticals Inc., which is developing immunotherapies targeting pathogens associated with pneumonia, registered with the SEC to raise up to $35 million in an initial public offering. The San Jose, CA-based company was founded in 2003 and booked $1 million in revenue for the 12 months ended March 31, 2018.

The late clinical-stage biopharmaceutical firm develops monoclonal antibodies to fight life-threatening infections. Lead candidate is AR-301 (tosatoxumab), in Stage 3 development for the treatment of acute pneumonia (in combination standard-of-care antibiotic therapy) caused by S. aureus. It plans to list on the Nasdaq under the symbol “ARDS.” Cantor Fitzgerald is the sole bookrunner on the deal. No pricing terms were disclosed.

And Bionano Genomics Inc., which is developing the Saphyr system for next-generation genome mapping, announced terms for its IPO. The San Diego, CA-based company plans to raise $30 million by offering 3.4 million shares at a price range of $8 to $10. Insiders intend to purchase $6 million worth of shares in the offering (20% of deal). At the midpoint of the proposed range, Bionano Genomics would command a fully diluted market value of $108 million.

The life sciences firm makes instruments for genome analyses. Lead product is the automated Saphyr system which combines sample prep, DNA imaging and genomic data analysis into “one streamlined workflow,” according to the company. Bionano was founded in 2003 and booked $11 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol “BNGO.” Roth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.

And if that’s not enough action to get your attention, biotechs are continuing to seek riches, with at least two more IPOs expected to price this week:

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
Aquestive Therapeutics (AQST)
Warren, NJ
$60M
$362M
$14 – $16
4,000,000
BMO
RBC
Drug manufacturer developing oral film formulations of CNS disease therapies.
Liquidia Technologies (LQDA)
Morrisville, NC
$50M
$175M
$10 – $12
4,545,455
Jefferies
Cowen
Developing engineered formulations of therapies for PAH and pain.

(Chart compliments of Renaissance Capital)

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