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Finance Watch: Ayala Launches First Biopharma IPO In May

 
• By Mandy Jackson

The cancer drug developer raised $55m. Also, Lyra raised $56m in the last of four biopharma IPOs in April, Biogen sold $3bn worth of debt, Oberland raised a $1.05bn fund and Praxis launched with more than $100m. 

Finance Watch

Ayala Pharmaceuticals Inc. and Lyra Therapeutics Inc. said in US Securities and Exchange Commission (SEC) paperwork filed on the same day that they were gearing up to launch initial public offerings, but the two companies went public a week apart, grossing $55m and $64m, respectively.

Rehovot, Israel- and Wilmington, DE-based Ayala sold 3.67m shares at $15 each on 7 May, pricing the offering in the middle of a proposed $14 to $16 range, and the company could bring in another $8.25m from the sale of additional shares to meet overallotments. In its first day of trading on 8 May, the cancer drug developer’s stock held steady, closing up 0.2% at $15.03 as biopharmaceutical firms continue to outperform companies in many other industries

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