Opening Day: Sana Raises Largest-Ever IPO For Preclinical Biotech

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Sana Biotechnology raised $588 million in its IPO on Thursday, the largest-ever initial public offering for a preclinical biotech company. Meanwhile, On24 surged over 40% in its trading debut on Wednesday and Telus International jumped nearly 22%. Not only does the SPAC IPO craze continue, it was a busy week for "traditional" IPOs as well, with nine new issues opening on Friday alone.

Latest IPOs

Lucira Health (LHDX) opened on Feb. 5 at $22.10. The company had priced 9 million shares at $17.00. The deal size was increased to 9 million shares from 7.81 million shares and priced at the high-end of the $15.00-$17.00 range. BofA (BAC), William Blair, and LifeSci Capital acted as joint book running managers for the offering. Lucira Health is a developer of an instrument-free, low-cost molecular diagnostics platform for infectious disease testing.

CN Energy Group (CNEY) opened on Feb. 5 at $8, double its IPO price of $4 per share. Network 1 Financial acted as sole book running manager for the 5 million share offering. CN Energy is a Chinese manufacturer of wood-based activated carbon.

Vor Biopharma (VOR) opened on Feb. 5 at $42.02. The company had priced 9.83 million shares at $18.00. The deal size was increased to 9.83 million shares from 8.82 million and priced at the high end of its $16.00-$18.00 target range. Goldman Sachs (GS), Evercore ISI, Barclays (BCS), and Stifel (SF) acted as joint book running managers for the offering. Vor Biopharma is developing cell therapy approaches to treat various blood cancers.

Terns Pharmaceuticals (TERN) opened on Feb. 5 at $16.95. The company had priced 7.5 million shares at $17.00. The deal size was increased to 7.5 million shares from 6.25 million and priced at high end of $15.00-$17.00 target range. JPMorgan (JPM), Goldman Sachs, and Cowen (COWN) acted as joint book running managers for the offering. Terns Pharmaceuticals is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule single-agent and combination therapy candidates for the treatment of non-alcoholic steatohepatitis, or NASH, and other chronic liver diseases.

Evaxion Biotech (EVAX) opened on Feb. 5 at $10, where its 3 million share IPO had priced. The deal size was increased to 3 million shares from 2.75 million and priced at the low-end of the $10.00-$12.00 range. Oppenheimer acted as lead book running manager for the offering. Evaxion Biotech is a Danish Phase 1/2 biotech using AI to develop immuno-oncology therapies.

Pharvaris (PHVS) opened on Feb. 5 at $25. The company had priced 8.27 million shares at $20.00. The deal size was increased to 8.27 million shares from 6.95 million and priced above the target range of $17.00-$19.00. Morgan Stanley (MS), BofA, and SVB Leerink acted as joint book running managers for the offering. Pharvaris is a Dutch Phase 1 biotech developing small molecule therapies for rare diseases.

Angion Biomedica (ANGN) opened on Feb. 5 at $17.62 after its 5 million share offering priced at $16.00, at the high end of its $14.00-$16.00 target range. Cowen and Stifel acted as joint book running managers for the offering. Angion Biomedica is a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases.

Bolt Biotherapeutics (BOLT) opened on Feb. 5 at $26.10. The company had priced 11.5 million shares at $20.00. The deal size was increased to 11.5 million shares and the range was increased to $18.00-$19.00 from $16.00-$18.00. Morgan Stanley, SVB Leerink, Stifel, and Guggenheim Securities acted as joint bookrunners for the offering. Bolt Biotherapeutics is a Phase 1/2 biotech developing targeted therapies for solid tumors.

Immunocore Holdings (IMCR) opened on Feb. 5 at $41. The company had priced 9.936 million shares at $26.00. The deal size was increased to 9.936 million shares from 8.3 million shares. Goldman Sachs, JPMorgan, and Jefferies acted as joint book running managers for the offering. Immunocore Holdings is a Phase 3 biotech developing T cell therapies for cancer and other diseases.

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