IPOs are back in business; well, unless and until there’s another government shutdown.

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IPOs are back in the race for torrents of cash. The government is fully funded until February 15, which means a wave of IPOs should begin launching today (Feb. 4). Seeking Alpha expects that wave to be mostly biotechs, based on recent SEC filings, and the fact that investors don’t need to see their 4Q18 financials. Here was the action the past two weeks.

1) Alector Inc., a Phase 1 biotech developing therapies for neurodegeneration, announced terms for its IPO. The South San Francisco, CA-based company plans to raise $176M by offering 9.3 million shares at a price range of $18 to $20. Insiders intend to purchase $85 million worth of shares in the offering (48% of the deal).

At the midpoint of the proposed range, Alector would command a fully diluted market value of $1.4B. While Alzheimer’s is notoriously difficult to treat, it has remained an area of high interest, and Alector offers a novel approach focused on repairing the brain’s immune system. Backed by Polaris and OrbiMed, it has secured a collaboration with AbbVie worth up to $1.2B, including $205 million paid upfront.

Alector was founded in 2013 and booked $22M in sales for the 12 months ended September 30, 2018. It plans to list on the Nasdaq under the symbol “ALEC.” Morgan Stanley, BofA Merrill Lynch, Cowen and Barclays are the joint bookrunners on the deal. It is expected to price this week.

2) Harpoon Therapeutics Inc., a Phase 1 biotech developing immunotherapies for various cancers, announced terms for its IPO. The South San Francisco, CA-based company plans to raise $76M by offering 5.4 million shares at a price range of $13 to $15. Insiders intend to purchase $40M worth of shares in the offering (53% of the deal).

At the midpoint of the proposed range, Harpoon Therapeutics would command a fully diluted market value of $377M. Formed by MPM Capital, Harpoon Therapeutics is developing T cell immunotherapies for cancers. New investors do not have much clinical data to go on, but AbbVie has committed up to $600M in milestones, plus royalties.

Harpoon Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol “HARP.” Citi and SVB Leerink are the joint bookrunners on the deal. It is expected to price this week.

3) One day be­fore the US shut­down began (De­cem­ber 21), Gossamer Bio Inc. filed its prospec­tus with the SEC in a bid to go pub­lic. Now, with the SEC back in full force, the com­pany is ask­ing the agency to forget an amended filing it made and pay heed to the orig­i­nal prospec­tus sub­mit­ted on De­cem­ber 21, wherein it planned to raise $230.4M–an IPO of ~14.4M shares at $16 per share.

The clinical-stage biopharmaceutical firm develops and acquires therapeutics in immunology, inflammation and oncology. Lead candidate is Phase 2-stage GB001, an oral prostaglandin D2 receptor 2 antagonist, for the treatment of moderate-to-severe eosinophilic asthma and other allergic conditions. Gossamer plans to trade on the Nasdaq under the symbol “GOSS.”

4) Waltham, MA-based Avedro Inc. has filed a prospectus for an $86M IPO. The commercial-stage ophthalmology-focused med tech firm markets treatments for corneal ectatic disorders (thinning of the cornea) and correcting refractive conditions aimed at improving vision to reduce dependence on corrective eyewear.

Its Avedro Corneal Remodeling Platform consists of its KXL and Mosaic ultraviolet light systems and a lineup of proprietary riboflavin drug formulations. The company says when both are applied to the cornea a biochemical reaction called corneal collagen cross-linking occurs which strengthens it and modifies its shape, improving focusing power. The company hopes to trade on the Nasdaq under the symbol “AVDR.”

5) And TCR2 Therapeutics Inc., an early-stage biotech developing T-cell immunotherapies for various cancers, announced terms for its IPO on Friday. The Cambridge, MA-based company plans to raise $75M by offering 5 million shares at a price range of $14 to $16. Insiders intend to purchase $30 million worth of shares in the offering.

At the midpoint of the proposed range, TCR2 Therapeutics would command a fully diluted market value of $374M. The company bills itself as an innovative immunotherapy company developing the next generation of novel T-cell therapies for patients suffering from cancer. Its claims its proprietary TCR Fusion Construct T cells (TRuC-T cells) specifically recognize and kill cancer cells by harnessing the entire T-cell receptor signaling complex, which it believes is essential for T cell therapies to be effective in patients with solid tumors.

TCR2 Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol “TCRR.” Jefferies, SVB Leerink and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of February 11, 2019.

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