Five more biotechs and one device maker close out 3rd quarter IPOs this week.

nattanan23 / Pixabay

There are as many as five more biotech IPOs and one medical device maker pricing this week, raising up to $535 million. Even if two are postponed, it will still be the busiest September by IPO count since 2000. According to Renaissance Capital, based on the success of recent biotech IPOs Principia and Y-mAbs, this week’s five biotechs should get some interest. Each have notable backers. Three are oncology-focused: Sutro Biopharma (backed by Merck, Alta, Celgene, Lilly), Gritstone Oncology (Versant, Column Group,) and Arvinas (Canaan Partners, 5AM Ventures, OrbiMed). AstraZeneca-backed Entasis Therapeutics is targeting drug-resistant bacteria, and Vivek Ramaswamy-backed Urovant Sciences has an oral drug candidate for overactive bladder.

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
Entasis Therapeutics (ETTX)
Waltham, MA
$75M
$213M
$16 – $18
4,411,765
Credit Suisse
BMO
Phase 2 biotech developing therapies for multi-drug resistant bacteria.
Arvinas (ARVN)
New Haven, CT
$100M
$468M
$14 – $16
6,666,667
Goldman
Citi
Preclinical biotech developing protein degradation therapies for advanced cancers.
Ra Medical Systems (RMED)
Carlsbad, CA
$50M
$193M
$14 – $16
3,333,333
Piper Jaffray
Cantor Fitz.
Commercializing excimer lasers used to treat dermatological and vascular diseases.
Sutro Biopharma (STRO)
South San Francisco, CA
$75M
$337M
$14 – $16
5,000,000
Cowen
Piper Jaffray
Phase 1 biotech developing next-generation immuno-oncology therapies.
Urovant Sciences (UROV)
London, United Kingdom
$150M
$475M
$14 – $16
10,000,000
JP Morgan
Jefferies
Phase 3 biotech developing an acquired oral therapy for overactive bladder.
Gritstone Oncology (GRTS)
Emeryville, CA
$85M
$419M
$13 – $15
6,071,428
Goldman
Cowen
Preclinical biotech developing a therapy that enhances checkpoint immuno-oncology drugs.

(Chart by Renaissance Capital)

1) Entasis Therapeutics Holdings (ETTX), a Phase 2 biotech developing therapies for multi-drug resistant bacteria, plans to raise $75 million by offering 4.4 million shares at a price range of $16.00 to $18.00. Insiders intend to purchase up to $50 million on the IPO (67% of the deal). At the midpoint of the proposed range, it would command a market value of $225 million. The Waltham, MA-based company plans to list on the Nasdaq under the symbol “ETTX.” Credit Suisse and BMO Capital Markets are the joint bookrunners on the deal.

2) Arvinas Holding (ARVN), a preclinical biotech developing protein degradation therapies for advanced cancers, plans to raise $100 million by offering 6.7 million shares at a price range of $14.00 to $16.00. Insiders intend to buy up to $40 million of the IPO (40% of the deal). At the midpoint of the proposed range, it would command a market value of $468 million. The New Haven, CT-based company plans to list on the Nasdaq under the symbol “ARVN.” Goldman Sachs, Citi and Piper Jaffray are the joint bookrunners on the deal.

3) Ra Medical Systems (RMED), which is commercializing excimer lasers used to treat dermatological and vascular diseases, plans to raise $50 million by offering 3.3 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Ra Medical Systems would command a market value of $193 million. Ra Medical Systems, which was founded in 2002, booked $5 million in sales over the last 12 months. The Carlsbad, CA-based company plans to list on the NYSE under the symbol “RMED.” Piper Jaffray and Cantor Fitzgerald are the joint bookrunners on the deal.

4) Sutro Biopharma (STRO), a Phase 1 biotech developing next-generation immuno-oncology therapies, plans to raise $75 million by offering 5.0 million shares at a price range of $14.00 to $16.00. Insiders intend to purchase $30 million of the IPO (25% of deal), while Merck will invest $10 million in a concurrent private placement. At the midpoint of the proposed range, Sutro Biopharma would command a market value of $337 million. Sutro Biopharma, which was founded in 2003, booked $33 million in revenue over the last 12 months. The South San Francisco, CA-based company plans to list on the Nasdaq under the symbol “STRO.” Cowen and Piper Jaffray are the joint bookrunners on the deal.

5) Urovant Sciences (UROV), a Phase 3 biotech developing an acquired oral therapy for overactive bladder, plans to raise $150 million by offering 10.0 million shares at a price range of $14.00 to $16.00. Parent Roivant Sciences intends to purchase $37.5 million of the IPO (25% of the deal). At the midpoint of the proposed range, Urovant would command a market value of $475 million. The London, United Kingdom-based company plans to list on the Nasdaq under the symbol “UROV.” J.P. Morgan, Jefferies and Cowen are the joint bookrunners on the deal.

6) Gritstone Oncology (GRTS), a preclinical biotech developing a therapy that enhances checkpoint immuno-oncology drugs, plans to raise $85 million by offering 6.1 million shares at a price range of $13.00 to $15.00. Insiders intend to purchase up to $35 million of the IPO (41% of the deal). At the midpoint of the proposed range, Gritstone would command a market value of $419 million. The Emeryville, CA-based company plans to list on the Nasdaq under the symbol “GRTS.” Goldman Sachs, Cowen and Barclays are the joint bookrunners on the deal.

Print Friendly, PDF & Email