ADC Therapeutics SA, of Lausanne, Switzerland, which is developing targeted antibody-drug conjugates for patients suffering from hematological malignancies and solid tumors, said it launched an IPO of 7.355 million shares of its common shares and granted the underwriters an option to purchase up to 1.1 million additional common shares. The IPO price is expected to range between $16 and $18 per share. The company’s shares have been approved for listing on the New York Stock Exchange under the ticker symbol ADCT.
Biomarin Pharmaceutical Inc., of San Rafael, Calif., said it plans to offer $500 million aggregate principal amount of senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers. It also plans to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $50 million of the notes. The company intends to use up to $50 million of the net proceeds to repurchase shares of its common stock either concurrently with the offering in privately negotiated transactions with purchasers of the notes effected through one of the initial purchasers or its affiliate, as Biomarin's agent, or following the offering in privately negotiated or other repurchase transactions. In addition, a majority of the net proceeds will be used to repay, repurchase or settle in cash some or all of its 1.50% senior subordinated convertible notes due in 2020, and the remainder will be directed for general corporate purposes.
Hummingbird Bioscience Pte. Ltd., of Singapore, said it closed an extended series B funding round of $25 million, bringing the total capital raised through financing activities and strategic partnerships to more than $65 million to date. New investor SK Holdings led the round, with participation from existing shareholders including Heritas Capital and SEEDS Capital, the investment arm of Enterprise Singapore. The company will use the funds to accelerate development of new candidates into clinical trials and strengthen its scientific and research and development capabilities. Earlier this year, Hummingbird announced publication of positive data on its lead candidate, HMBD-001, a HER3 antibody, and manufacturing of HMBD-002, a VISTA antibody. Regulatory submissions to initiate phase I studies for those two candidates are expected in the second half of the year.
Kura Oncology Inc., of San Diego, said it closed its underwritten public offering of 10.465 million shares, a total that included the exercise in full by the underwriters of their option to purchase an additional 1.365 million shares, at $13.75 each. The gross proceeds were approximately $143.9 million.
Noxxon Pharma NV, of Berlin, Germany, said it increased its capital by issuing new ordinary shares in a private placement to European investors through an accelerated book-building process, for approximately €5.5 million (US$5.94 million). It issued 10.78 million new shares at €0.51 each in the transaction.
Portage Biotech Inc., of Toronto, said it made an additional €900,000 (US$973,057) investment in its associate, Stimunity SAS, a Paris-based cancer immunotherapy company focused on STING. That company said it reached a major milestone in its preclinical development plan, and the additional financing will enable it to begin the manufacturing of its STING-activating cGAMP virus-like particle, STI-001, its lead compound.
Protagonist Therapeutics Inc., of Newark, Calif., plans to sell 5 million shares in a public offering. The underwriters will have a 30-day option to purchase up to 0.75 million additional shares. Protagonist plans to use the proceeds to fund research and development of its clinical-stage pipeline products, including the continued development of PTG-300, PTG-200 and PN-943, for discovery, research and technology platform optimization and applications and for working capital and general corporate purposes. Jefferies LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the offering. H.C. Wainwright & Co. LLC and Nomura Securities International Inc. are acting as co-lead managers for the offering. Shares of Protagonist (NASDAQ:PTGX) closed up 43 cents, or 3%, to $14.63 on Monday.
Pliant Therapeutics Inc., of South San Francisco, plans to raise up to $86 million in an IPO. Novartis AG, of Basel, Switzerland, has committed to buying an additional $10 million of shares in a private placement. Pliant plans to use the proceeds to fund clinical development of PLN-74809, including conducting phase IIa trials in idiopathic pulmonary fibrosis and primary sclerosing cholangitis, preclinical development of its programs in oncology and muscular dystrophy and for business development activities, working capital and other general corporate purposes, including early stage research and development activities. Needham & Co. LLC is the lead manager for the IPO. Citigroup Global Markets Inc., Cowen and Co. LLC and Piper Sandler & Co. are acting as joint book-running managers. Pliant plans to list on Nasdaq under the symbol PLRX.