The pandemic hasn't kept biotechs from going public. In fact, through the first five or so months of the year, the industry has raised more than $3.3 billion through IPOs, more capital than biotechs have raised during the first five months of any of the previous 20 years.
HONG KONG – South Korean conglomerate SK Group is preparing to list its subsidiary, SK Biopharmaceuticals Co. Ltd., on the Stock Market Division of the Korea Exchange.
Wall Street has stabilized enough after the recent pandemic-induced volatility to offer enthusiastic support to a med tech generating significant revenue that already reached breakeven during the first quarter. Inari Medical Inc. priced its IPO at the top of an already upwardly revised range to raise $156 million. It sold 8.2 million shares at $19, above the prior range of $17 to $18. Shares of the Irvine, Calif.-based company (NASDAQ:NARI) then more than doubled to hit about $43 on its first day of trading.
BEIJING – Androgen receptor (AR)-related disease specialist Kintor Pharmaceutical Ltd., of Suzhou, China, raised $240 million on the Hong Kong Stock Exchange (HKEX) on May 22 by issuing 92.3 million shares at HK$20.15 apiece. The IPO was oversubscribed by 551 times, showing the city’s biotech fever.
BEIJING – Suzhou, China-based Peijia Medical Co. Ltd. became the second prerevenue med-tech company to go public on the Hong Kong Stock Exchange (HKEX) after Venus Medtech (Hangzhou) Inc., pocketing HK$2.3 billion (US$302 million) with an aim to develop and commercialize its transcatheter valve therapeutic medical device called Taurusone.
Coming out of the IPO gate strong was Lausanne, Switzerland-based ADC Therapeutics SA, which priced about 12 million shares at $19 each, for gross proceeds of about $232.7 million in an upsized deal. Shares (NYSE:ADCT) ended the day at $29.65, up $10.65, or 56%.
BEIJING – Androgen receptor (AR)-related disease specialist Kintor Pharmaceutical Ltd., of Suzhou, China, is looking to raise up to HK$1.861 billion (US$240 million) in a Hong Kong IPO to advance its small-molecule AR antagonists, proxalutamide and pyrilutamide, both of which have first- and best-in-class potential.
Chronic obstructive pulmonary disease (COPD) is one of the most dangerous comorbidities for COVID-19 patients – as well as a major cause of death that predates the current pandemic. Pulmonx Corp. has the first minimally invasive valve to treat severe emphysema, which is a form of COPD that accounts for about one-quarter of the patients.
Although, the appetite for biopharma IPOs in the U.S. slowed during the meltdown of the financial markets in March, the flow of new offerings has been steady this year, according to BioWorld, with 11 companies graduating to the public stage and listing on U.S. exchanges by the end of April, collectively raising $1.774 billion along the way. This amount is 9.5% higher than the $1.62 billion raised from 15 U.S. biopharma IPOs completed in the same period last year.
Despite a global pandemic that is wreaking havoc on the overall economy, biopharma financings and grants during the month of April have shown solid numbers.
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