PERTH, Australia – Radiopharm Theranostics Ltd. raised AU$50 million (US$36.4 million) in an oversubscribed IPO to advance its platform of radiopharmaceutical products for both diagnostic and therapeutic uses.
Vaxxinity Inc. priced its IPO below the targeted range, selling 6 million shares (NASDAQ:VAXX) at $13 each for proceeds of $78 million, but came out of the gate impressively, closing at $16.55, up $3.55, or 27%, after reaching $22.77 during the day.
Sichuan Clover Biopharmaceuticals Inc. raised HK$2.03 billion (US$260.17 million) in its Hong Kong Stock Exchange debut. Shares closed at HK$12.98 (US$1.67) on Nov. 5 after trading as high as HK$13.56 earlier.
Entrada Therapeutics Inc. is the largest of four biopharmas making new moves on IPOs as the company upsized its offer from 7.5 million to 9.07 million shares priced at $20 each. Last year saw $22.48 billion in biopharma IPOs, a record, according to BioWorld stats. Aside from a record-setting 2020, this year’s IPO total far outpaces every other year in the past decade. With the end of 2021 in sight, there have been 110 completed global biopharma IPOs totaling $18.13 billion.
D&D Pharmatech Inc., a Korean-American firm commercializing innovation from Johns Hopkins University raised $51 million in a pre-IPO series C round, which sets the stage for an IPO in Seoul early next year.
Abbisko Cayman Ltd. has raised $226 million through an IPO in Hong Kong, where it launched with an initial price of HK$12.46 (US$1.60) per share. The company, doing business as Abbisko Therapeutics, plans to use about a third of the proceeds for research and development of its lead candidate, ABSK-091, a targeted inhibitor of fibroblast growth factor receptor subtypes 1, 2 and 3 intended as a potential treatment for multiple solid tumors, including urothelial cancer, gastric cancer, cholangiocarcinoma and lung cancer.
Highlighting 2021's clear trajectory toward record IPO territory, Oct. 8 brought upsized market debuts for both Pyxis Oncology Inc. and Cognition Therapeutics Inc., raising $168 million and $45.2 million, respectively.
Exscientia plc has raised $510.4 million in an upsized Nasdaq IPO and private funding round as it pushes forward with its artificial intelligence-based drug discovery mission. The Oxford, U.K.-based company aims to out-license some of its candidates to other companies, while saving others for its own pipeline.
The market’s appetite for immunology candidates in chronic disease – in particular an oral interleukin-17 (IL-17) therapy for psoriasis – was proved by the upsized IPO pulled off by Dice Therapeutics Inc., and Tyra Biosciences Inc. benefited from the ongoing appetite in precision oncology in another, bigger-than-expected debut. Preclinical-stage Pasithea Therapeutics Inc. went public as well, albeit less spectacularly.
Abion Inc., which focuses on precision oncology, raised ₩38.76 billion (US$33.36 million) in its debut on the Korean Stock Exchange’s Kosdaq board on Sept. 8.
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