Finance Watch: Genmab Launches This Year's Biggest Biopharma IPO In The US
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%.
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Public Company Edition: Benefitting from hope that biopharma interventions will help the coronavirus pandemic, the industry is faring better than others in the stock market, including the ability to launch IPOs. Also, BridgeBio leads recent financings and PDL is on track to dissolve by year-end.
BioNTech's $150m offering, after a prior large venture capital financing, gives it the third-largest market cap for a newly public drug developer in the US. Also, Innovent raises $300m in Hong Kong offering, Heron leads US follow-ons and Five Prime restructures to save $20m annually.
Only 16 drug developers that went public in the US during the first three quarters are trading in positive territory. While the IPO queue keeps growing, ADC Therapeutics and Monopar cite "market conditions" as they postpone their offerings.