IPO Update: New Offerings Outperform As September Ends With Biopharma Trifecta
There have been 29 IPOs in the US through the third quarter of 2017 with an average return of 35.2%, including three offerings on the same day – Deciphera, Nightstar and NuCana – near the end of September.
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Public Company Edition: Moderna leveraged its all-time high stock price to raise $1.34bn on the same day it reported data from a Phase I trial of its COVID-19 vaccine. Several other companies also took advantage of biopharma’s rising value.
CEO Steve Hoerter sees best-in-class potential for the drug based on both efficacy and safety in the fourth-line gastrointestinal stromal tumor setting, with the INVICTUS trial having positive readthrough to the ongoing Phase III INTRIGUE study in second-line GIST.
Public Company Edition: Jefferies report notes robust IPO market, but SVB Leerink predicts a financing slowdown. Also, Mirati raises cash for KRAS programs after Amgen's ASCO data and a strategic shift results in job cuts at ImmunoGen.