The pace of initial public offerings in the US predictably slowed during the summer, although whether the slowdown was caused by financial market conditions or vacation schedules remains to be seen. Even so, three drug developers spent their summers filing paperwork with the US Securities and Exchange Commission (SEC) in support of future IPOs, each of which could be the first $100m-plus first-time offerings since mid-July.
Finance Watch: Zenas, Bicara, MBX Aim To Raise $100m Or More In Future IPOs
Redalpine’s $200m VC Fund Backs Tech And Biotech
Fifteen biopharma firms have launched IPOs in the US this year, but three more have joined the queue. Also, Galderma sold CHF500m ($590.7m) in bonds to pay down debt, Noetik raised a $40m series A round and ImCheck collected €20.18m ($22.4m) from the French government.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Kyoto-based venture moves HQ to California to expand R&D and business outreach for its regulatory T-cell technology, as it raises around $46m in public and private funding.
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Supply chain disruption fears at the start of the COVID-19 pandemic caused drug over-ordering. Imminent tariffs on drugs may have had a similar effect on pharma sales in Q1 earnings season.