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Finance Watch: Adlai Nortye Raises $97.5m In IPO, Brings US Total To 18

Madrigal’s FOPO Grosses $500m After NASH Drug Filing

 
• By Mandy Jackson

Public Company Edition: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.

Finance Watch Public Company
• Source: Alamy

Several weeks after it first planned to go public in the US, China-based Adlai Nortye Ltd. launched its initial public offering on 29 September and a concurrent private placement that together grossed $97.5m. The cancer drug developer’s IPO is the 18th first-time offering by a biopharma company in the US so far this year after Neumora Therapeutics, Inc. and RayzeBio, Inc. went public on 14 September, grossing $561m in two of the industry’s largest IPOs this year.

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