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Finance Watch: Phathom IPO Meets Pricing Goal; Cabaletta, TFF Offerings Go Low

 
• By Mandy Jackson

Public Company Edition: Phathom went public in the US within proposed pricing terms, but Cabaletta’s IPO went to market below a proposed range, while TFF launched in line with earlier plans. Also, Principia’s FOPO raises $210m and Trillium restructures.

Finance Watch

Three biopharmaceutical companies went public in the US on 24 October with different results – Phathom Pharmaceuticals Inc. priced its initial public offering at $19 per share, within a proposed $18 to $20 range, while Cabaletta Bio Inc. launched its IPO well below a proposed $14 to $16 range at $11, and TFF Pharmaceuticals Inc. took a small offering to market and gave investors a small return in its first day of trading.

The pricing dynamics reflect the differences in the companies’ research and development pipelines with Phathom’s lead drug candidate vonoprazan set to go into Phase III clinical trials in gastroesophageal reflux disease (GERD) in the fourth quarter of this year, while Cabaletta’s autologous chimeric autoantibody receptor (CAAR) T-cell therapies are in preclinical and Phase I

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