Annovis Bio Inc., of Berwyn, Pa., closed its IPO of 2 million shares priced at $6 per share, and the full exercise by the underwriters of their overallotment option for 300,000 additional shares. Gross proceeds, including proceeds from the overallotment, were about $13.8 million. Thinkequity, a division of Fordham Financial Management Inc., acted as sole book-running manager.
Arcutis Biotherapeutics Inc., of Westlake Village, Calif., which is developing topical therapies for dermatologic disorders, priced its IPO of about 9.4 million shares at $17 per share, the high end of its proposed range, for gross proceeds of about $159.4 million. The company also granted underwriters a 30-day option to purchase up to an additional 1.4 million shares. Goldman Sachs & Co. LLC, Cowen and Co. LLC and Guggenheim Securities LLC are acting as bookrunning managers, and Cantor Fitzgerald & Co. is acting as lead manager. Shares began trading on Nasdaq Jan. 31 under the ticker ARQT, ending the first day at $21.80, up 28%.
Concert Pharmaceuticals Inc., of Lexington, Mass., closed its public offering of about 5.7 million shares priced at $9.92 each, which included the full exercise of the underwriters’ option to purchase 982,863 additional shares. In addition, and in lieu of common stock, Concert sold to a certain existing investor prefunded warrants to purchase up to an aggregate of 1.8 million shares at a price of $9.919 per prefunded warrant. The aggregate gross proceeds were about $74.7 million. Jefferies acted as sole book-running manager. Mizuho Securities and JMP Securities acted as lead managers, and H.C. Wainwright & Co. acted as co-manager.
Intec Pharma Ltd., of Jerusalem, a firm developing drugs based on its Accordion Pill platform technology, said it intends to offer and sell a combination of ordinary shares (or prefunded warrants to purchase ordinary shares in lieu thereof) and warrants to purchase ordinary shares in an underwritten public offering. The company also expects to grant the underwriter a 30-day option to purchase up to an additional 15% of ordinary shares and/or warrants at the public offering price. The number of shares and share price have not yet been disclosed. H.C. Wainwright & Co. is acting as sole book-running manager.
Kezar Life Sciences Inc., of South San Francisco, priced a public offering of about 16.1 million shares, and, to certain investors in lieu thereof, prefunded warrants to purchase 2.9 million shares of its common stock at an exercise price of $0.001 per share. The public offering price of each share of common stock is $2.60 and the public offering price of each prefunded warrant is $2.599. Kezar also granted underwriters a 30-day option to purchase additional shares of common stock of up to 15% of the aggregate number of shares of common stock plus the shares of common stock underlying the prefunded warrants being offered. Kezar, which is developing drugs against autoimmune disease and cancer, expects to receive gross proceeds of $49.4 million, which it intends to use to fund the research and development of its product candidates, acquire or license products or technologies that are complementary to its own, and for working capital and general corporate purposes. Cowen, Wells Fargo Securities and William Blair are acting as joint book-running managers for the offering, set to close Feb. 4. Shares of Kezar (NASDAQ:KZR) closed Jan. 31 at $3.07, up 30 cents.
Syndax Pharmaceuticals Inc., of Waltham, Mass., said it entered an agreement with five leading life sciences investors, including Biotechnology Value Fund LP, Boxer Capital and AI Life Sciences Investments LLC, an affiliate of Access Industries Inc., for the purchase of common stock at $8 per share, representing a premium of 20% to the share price as of market close on Thursday, Jan. 30. Syndax anticipates aggregate gross proceeds of about $35 million. Closing of the transaction is expected to occur on or about Feb. 4. Syndax also said it entered a term sheet with Hercules Capital Inc. for a term loan of up to $30 million, consisting of an initial tranche of $20 million to be funded at the closing, with the potential for a second tranche of $10 million subject to satisfaction of certain terms and conditions. The debt facility is expected to be used to support the company's pipeline programs in cancer. Shares of Syndax (NASDAQ:SNDX) gained $2.72, or 40.8%, to close Jan. 31 at $9.38.