Jiangsu Recbio Technology Co. Ltd. raised HK$765 million ($97.7 million) in a Hong Kong stock exchange IPO on March 31. Shares of the vaccine maker (HKEX: 2179) opened at HK$25 per share and rose 1.8% to close at HK25.25 apiece. The Jiangsu, China-based company plans to use about half the proceeds, or HK$317.9 million, to support development and commercialization of its HPV vaccines, including its lead asset, a phase III recombinant HPV 9-valent vaccine REC-603, a spokesperson told BioWorld. The company also plans to set up an HPV manufacturing facility in Taizhou, China.
AN2 Therapeutics Inc., a company developing a once-daily treatment for people with chronic non-tuberculous mycobacterial lung disease, raised $69 million in an upsized IPO. The offering of 4.6 million shares (NASDAQ:ANTX), initially priced at $15 each, met a modest market reception, with shares rising to $15.40 by market close on March 25. The Menlo Park, Calif.-based company is developing epetraborole, a boron-containing small-molecule inhibitor of bacterial leucyl-tRNA synthetase, in-licensed from Anacor Pharmaceuticals Inc., now part of Pfizer Inc.
Shouyao Holdings Co. Ltd. raised ¥1.48 billion ($233 million) in a listing on the Shanghai STAR Market to support the company’s ongoing clinical programs, led by a second-generation anaplastic lymphoma kinase inhibitor. Company shares (SHA:688197) debuted at ¥39.90, then fell 19.5% to close at ¥32.11 on March 23.
Alopexx Inc. filed for an IPO that would bank as much as $17 million to continue the firm’s investigations of bacterial, fungal and parasitic infections that express the antigenic target poly N-acetyl glucosamine (PNAG).
Lepu Biopharma Co. Ltd. started trading on the Hong Kong stock exchange on Wednesday, raising HK$904 million ($115.9 million) in an initial public offering. Trading opened at HK$7.13 per share and slid to HK$6.70 by midday before closing at HK$7.13.
After two years of record venture capital financing, which peaked during the first quarter of 2021 with a whopping $38.27 billion raised, investments in biopharma have started to drop off, and industry watchers are expecting a slower deal pace ahead. The same is expected for the IPO market, which saw a record 134 companies go public in 2021. Those trends, combined with big pharma’s hefty cash balances, could mean an M&A surge in 2022, though the availability of special purpose acquisition companies could continue to offer private firms an attractive alternative to a buyout.
Mabwell Bioscience Co. Ltd. raised ¥3.48 billion ($547.9 million) in a Shanghai STAR Market IPO on Jan. 18 to support company R&D efforts and plans to build an antibody production plant. Though oversubscribed, the offering got a cool market reception, with shares plunging nearly 30% from a ¥32 open (US$27.96), then closing at ¥24.50 on the first day of trading before recovering slightly to ¥27.40 on Jan. 20.
Three biopharma IPOs rounded out the first week of the new year, with Amylyx Pharmaceuticals Inc., Cincor Pharma Inc. and Vigil Neuroscience Inc. all pricing new Nasdaq issues Dec. 7. Taken together, the offerings raised about $482 million, though all received cool receptions, with only the most mature among them, Amylyx, (NASDAQ:AMLX) holding its ground at midday.
While the $118.3 billion raised by biopharma companies in 2021 through public and private transactions is 12% lower than the amount raised the prior year, it still represents an impressive financings record, led primarily by IPOs and venture capital rounds.
DUBLIN – A strong performance in the final quarter of 2021 pushed equity investment in European biotech firms engaged in discovering and developing therapeutics to a new record of $15.193 billion, a 19.8% increase on last year’s total of $12.682 billion. European biotech firms have now set a new investment benchmark for each of the past five years.
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