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Financing is the fuel that drives growth in the biopharma sector, and participants at the BIO Asia-Taiwan Conference 2021 this week discussed different financing strategies for companies in the currently booming market.
Three companies that began trading on Nasdaq on July 16 are contributing to this year’s record-setting pace of biotech IPOs. Erasca Inc., which is looking to raise $300 million, led the pack with shares (NASDAQ:ERAS) ending the day at $17.43, an 8.94% rise from the opening asking price of $16.
DUBLIN – Poolbeg Pharma plc raised £25 million (US$35 million) in an IPO on London’s Alternative Investment Market (AIM) to pursue development of antiviral drugs. The company priced the offering at 10 pence per share, which implies a valuation of £50 million. Shares are due to commence trading on Monday, July 19.
Brii Biosciences Ltd. raised HK$2.482 billion (US$319 million) in its IPO in Hong Kong and will use the proceeds to support the development of its key assets, which includes programs for hepatitis B virus (HBV), HIV and drug-resistant infections.
Keymed Biosciences Inc. debuted on the Hong Kong Stock Exchange (HKSE) on July 8, raising HK$2.94 billion (US$378.48 million) in the process. The company will use the funds raised for the R&D and commercialization of key pipeline candidates.
Beigene Ltd. got the green light for an IPO on the Shanghai Stock Exchange’s Science and Technology Innovation Board, a specialized board known as the STAR Market, that could be worth around $3 billion. It would make Beigene the first biotech company with listings in the U.S., Hong Kong and mainland China.
Silicon Valley-based Social Capital and New York investor Suvretta Capital have priced upsized IPOs for four new special purpose acquisition companies (SPACs), each intended to address what founders Chamath Palihapitiya and Kishen Mehta described as "suboptimal" outcomes for biotech IPOs of late. Each blank check company, Biotech SPAC Social Capital Suvretta Holdings Corp. I, II, III, and IV, will be funded by a $220 million offering, selling shares at $10 each. They intend to invest in neurology, oncology, immunology, as well as diseases of the heart, kidney, endocrine system and blood.
Hutchmed Ltd., already listed in the U.S. and London, returned to home soil June 30 for a third IPO on the Hong Kong Stock Exchange that reaped HK$4.17 billion (US$537.2 million). The Hong Kong-based company is currently looking to score its first FDA approval to tap the U.S. market after three China approvals.
Maintaining momentum for a rush of 2021 IPOs already on pace to beat 2020's record number, new offerings from Graphite Bio Inc., GH Research plc and Elevation Oncology Inc. raised nearly $500 million altogether on Friday. While shares of the first two fared well, climbing in their debuts, Elevation's shares (NASDAQ:ELEV) fell from $16 debut to $11.44 at the close, a 28.5% decline.
Hutchmed Ltd.’s savolitinib became the first selective MET inhibitor approved in China to treat patients with non-small-cell lung cancer with MET exon 14 skipping alterations who have progressed following prior systemic therapy or are unable to receive chemotherapy.
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