Genmab Plots $500m Nasdaq IPO
Some 20 years after its birth, the Danish biotech has decided the time is right to go west and raise cash through a US listing to drive its pipeline forward.
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Public Company Edition: Genmab raised $505.9m while other 17 July IPOs from Fulcrum and Mirum grossed $72m and $75m, respectively. Also, Horizon sells notes to pay down debt and Inovio reduces its workforce by 28%.
Positive top-line results from the MAIA study of daratumumab as a front-line treatment for multiple myeloma highlights the future sales growth potential of Genmab/J&J's CD38-targeted antibody, which could become the market leader in the sector in the next five years.
The fresh cash injection will fund Phase II studies evaluating the UK firm's 12-month treatment for diabetic macular edema.