The somber mood of summer’s waning days and shortened work week didn’t cool the blistering pace of biotech and other healthcare IPO news. Almost makes me feel sorry for the SEC staff that didn’t use their annual leave to get a much-needed breather.
Here’s a look at the weekly action with 6 initial public offerings registered for a total of $436 million worth of common stock, and 2 deals with terms added to another $155 million already in the queue. That’s a total of $727 million worth of IPO activity at the SEC–just in the healthcare space.
New IPO Filings
Included among the SEC filings for initial public offerings, Arvinas Inc., a preclinical biotech developing protein degradation therapies for metastatic cancers, registered up to $100 million worth of common stock. Specifically, it leverages its technology platform to engineer proteolysis-targeting chimeras (PROTACs) that it says harness the body’s natural protein disposal system to selectively and efficiently degrade and remove the rogue proteins. Lead candidates are ARV-110 for metastatic castration-resistant prostate cancer and ARV-471 for metastatic ER+/HER2- breast cancer or ER+ breast cancer.
The New Haven, CT-based company was founded in 2013 and booked $12 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol “ARVN.” Goldman Sachs, Citi and Piper Jaffray are the joint bookrunners on the deal. No pricing terms were disclosed.
Elsewhere, Sutro Biopharma Inc. registered up to $75 million worth of common in an IPO. The biotech develops protein therapeutics for the treatment of cancer and autoimmune disorders via its proprietary integrated cell-free protein synthesis platform called XpressCF. The company says XpressCF will support the development of cytokine-based immuno-oncology therapeutics, antibody-drug conjugates (ADCs) and bispecific antibodies. Lead candidates are Phase 1-stage STRO-001, a CD74-directed ADC for multiple myeloma and non-Hodgkin lymphoma and IND-stage STRO-002, a folate receptor-alpha-directed ADC for ovarian and endometrial cancers.
The South San Francisco, CA-based company was founded in 2003 and booked $33 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol “STRO.” Cowen and Piper Jaffray are the joint bookrunners on the deal. No pricing terms were disclosed.
Clinical stage biopharma Immune Bio Inc. registered up to $20 million worth of common in an IPO. The La Jolla, CA-based firm develops cancer immunotherapies that it says harness the innate immune system to identify and kill cancer cells. The company plans to list on the Nasdaq under the symbol “INMB.” Lead candidates are INKmune, designed to convert inert natural killer (NK) cells into ones that attack the cancer, and INB03, designed to fight tumor-based immunosuppression by preventing the proliferation of myeloid-derived suppressor cells (MDSC) and decreasing immunosuppressive proteins in the tumor microenvironment.
A Phase 1 study of INB03 in patients with advanced solid tumors started last quarter. A Phase 1/2 study of INKmune in ovarian cancer should launch in Q1 2019. A Phase 2 study of INB03 and Phase 1/2 study of INKmune, both in patients with high-risk myelodysplastic syndromes, are next up.
Biopharmaceutical firm Alzheon Inc. registered up to $41 million worth of common in an IPO. The Framingham, MA-based company develops treatments for Alzheimer’s disease, specifically, small molecules that inhibit protein misfolding and aggregation. It plans to list on the Nasdaq under the symbol “ALZH.” Lead candidate is ALZ-801 (tramiprosate), an orally available inhibitor of beta amyloid misfolding. Tramiprosate has been evaluated in 16 clinical trials in over 2,000 patients (by Neurochem). Post hoc analyses revealed a subset of patients, those with two copies of the APOE4 gene, who responded to treatment. A Phase 2b study in this population should commence in H1 2019. It has Fast Track status in the US.
Guardant Health Inc., which makes non-invasive blood-based cancer diagnostics tests, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The oncology firm provides liquid biopsy molecular diagnostic testing services for cancer. Lead test is Guardant360, a 73-gene panel for advanced-stage cancer. The Redwood City, CA-based company was founded in 2013 and booked $67 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol “GH.” J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. No pricing terms were disclosed.
And Kodiak Sciences Inc., a Phase 1 biotech developing antibody therapies to treat age-related macular degeneration, registered up to $100 million worth of common in an initial public offering. Its most advanced product candidate is KSI-301, a biologic therapy built with their antibody biopolymer conjugate platform, or ABC platform, which is designed to maintain potent and effective drug levels in ocular tissues.
Palo Alto, CA-based Kodiac was founded in 2009 and plans to list on the Nasdaq under the symbol “KOD.” Morgan Stanley and BofA Merrill Lynch are the joint bookrunners on the deal. No pricing terms were disclosed.
Principia Biopharma Inc., which is developing oral small molecule therapies in the areas of oncology and immunology, announced terms for its IPO. The South San Francisco, CA-based company plans to raise $75 million by offering 4.7 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Principia Biopharma would command a fully diluted market value of $369 million.
Principia Biopharma was founded in 2008 and booked $29 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol “PRNB.” BofA Merrill Lynch, Leerink Partners and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price this week.
And Y-mAbs Therapeutics Inc., a Phase 2 biotech developing monoclonal antibody therapies for pediatric cancers, announced terms for its IPO on Friday. The late clinical-stage biopharmaceutical firm develops antibody-based treatments for cancer. Co-lead candidates are naxitamab, targeting a cancer cell surface protein called GD2, and omburtamab which targets an immune checkpoint molecule called B7-H3. US marketing applications for both are on tap for 2019, naxitamab for pediatric neuroblastoma (NB) and omburtamab for pediatric NB patients with CNS leptomeningeal metastases (cancer has spread to the membranes surrounding the brain and spinal cord).
The NYC-based company plans to raise $80 million by offering 5.33 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Y-mAbs Therapeutics would command a fully diluted market value of $518 million. Y-mAbs Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol “YMAB.” BofA Merrill Lynch and Cowen are the joint bookrunners on the deal. It is expected to price next week.