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Finance Watch: Turning Point Launches IPO, Stock Rises 60% On First Day

 
• By Mandy Jackson

Public Company Edition: Turning Point's offering priced at $18 and its stock closed at $28.90. Also, Achaogen's bankruptcy reflects difficult antibacterial market, Ophthotech's name change follows strategy shift, and Gilead lays off 150 sales reps. Plus, cell and gene therapy FOPOs flourish.

Finance Watch

Turning Point Therapeutics Inc., which specializes in tyrosine kinase inhibitors (TKIs) for cancer, had one of the best-performing initial public offerings by a biopharmaceutical company this year when its IPO priced at $18 per share on April 16 and its stock closed up 60.6% at $28.90 at the end of its first day of trading on April 17.

After NASH drug developer NGM Biopharmaceuticals Inc. went public on April 4, Turning Point's offering brought the number of...

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More from Financing

Aurigene Oncology CEO On Biotech Valuations, CAR-Ts And Reimbursement Models

 
• By Anju Ghangurde

Aurigene Oncology CEO talks in this audio interview about the tough biotech funding environment, pipeline assets including a CAR-T therapy in Phase II, "hybrid" manufacturing, outcome-based reimbursement and the promise of bispecifics and multispecifics, including Akeso's PD-1/VEGF bispecific.

Finance Watch: Just As The XBI Began Turnaround, Trump Upped MFN Pricing Threats

 
• By Mandy Jackson

Public Company Edition: The XBI fund attempted a correction midway through the week ending Aug. 1, but President Trump’s most favored nation drug pricing threats tanked valuations again. In financings, Leads Biolabs raised $189m in a Hong Kong IPO and Abivax closed a $747.5m FOPO.

Metabolic Disease-Focused Poxel Teeters On The Edge

 
• By Andrew McConaghie

The Lyon, France-based company has filed for insolvency and is running out of time to find new funding for its metabolic disease pipeline.

Frazier Life Sciences Raises $1.3bn To Fund Start-Ups Through Value-Creating Data

 
• By Mandy Jackson

Frazier Life Sciences will invest 40%-50% of its new venture capital fund in new biopharma companies financed to develop preclinical drug candidates through clinical proof of concept and, hopefully, M&A.

More from Business

More Players, Better Pricing, Tough Equity Market: Royalty Deals Go Mainstream

 
• By Manas Mishra

Royalty deals are on track for another blowout year, but it’s not only because of a depressed biotech market. Large investment firms such as KKR are taking note.

50% Levy On India And Brazil, US Tariffs Leave Global Trade, Forecasts In Disarray

 
• By Vibha Ravi

50% tariffs on US imports from India, a range on others, an uncertain outcome of Section 232 investigations of pharma and talk of BRICS tariffs are making forecasting for the pharma industry extremely difficult, Scrip finds in this infographic analysis

Verona’s COPD Launch Success Sealed Merck Buyout Interest

 
• By Andrew McConaghie

SEC filings reveal that Merck was the sole bidder for Verona and its COPD drug Ohtuvayre, with the final $10bn deal wrapped up within a month.