Public Company Edition: Legend Biotech raised $424m in its US public market debut. Also, Pfizer commits up to $500m for equity investments and Allogene capitalizes on ASCO with a $550m offering.
Four biopharmaceutical companies launched initial public offerings during the first week of June, including China’s Legend Biotech Corp. with the biggest IPO so far in 2020. Eighteen drug developers have gone public in the US this year, bringing in $3.2bn.
Legend, a chimeric antigen receptor T-cell (CAR-T) therapy specialist, grossed $423.8m on 5 June from the sale of 18.4m American depository shares (ADSs) at $23 each – well above a proposed range of $18 to $20
Jiangsu Hengrui Pharmaceuticals is gearing up for what will be 2025's biggest biopharma IPO so far, hoping to raise up to $1.27bn on the Hong Kong Stock Exchange. China's top drug maker by pipeline size plans to use part of the proceeds to reboot its overseas clinical trials ambitions.
Public Company Edition: With fewer follow-on offerings, drug developers are pursuing other options. Axsome accessed up to $570m in debt, Evolus obtained $250m in a new credit facility and Abeona raised $155m from a PRV sale, but Apimeds was able to execute a small $13.5m IPO.
CEO Paul Stoffels exits early to be succeeded by Henry Gosebruch, who will now consider ‘all options’ for the Belgian firm as it tries to claw back investor confidence.
The therapy has been developed for GM1 and GM2 gangliosidoses and Niemann-Pick disease type C.
Company surprises investors with Jørgensen's exit but insists its strategy will not change.
The US regulator’s decision has taken Biohaven and investors by surprise, with the reason for a ‘major amendment’ status not clear.
Move by French major aligns with broader industry efforts to localize production amid political pressure, as Trump pushes to onshore manufacturing and hints at easing tariff threats.
