Royalty Pharma Jumps Over 50% In Largest IPO Of 2020

Shares of Royalty Pharma jumped over 50% above their initial public offering price of $28 on Tuesday, June 16, in the biggest IPO to date in 2020.

LATEST IPOS

Royalty Pharma (RPRX) opened on June 16 at $44. The company had priced 77.7 million shares at $28.00. The deal size was increased to 77.7 million shares of common stock from 70 million shares of common stock, and priced at the high-end of the $25.00-$28.00 range. JPMorgan, Morgan Stanley, BofA, Goldman Sachs, Citi, and UBS acted as joint book running managers for the offering. Royalty Pharma acquires royalty rights in drugs from the research institutions that developed them and also invests in clinical trials for new treatments.

VerifyMe (VRME) opened on June 18 at $3.48. The company had priced 2,173,913 units at a price to the public of $4.60 per unit. VerifyMe is a technology solutions provider specializing in counterfeit prevention.

Repare Therapeutics (RPTX) opened on June 19 at $32.05. Repare Therapeutics priced 11 million shares at $20.00. The deal size was increased to 11 million shares of common stock from 7.4 million shares of common stock, and priced at the high-end of the revised $18.00-$20.00 range. Morgan Stanley, Goldman Sachs, Cowen and Piper Sandler acted as joint book running managers for the offering. Repare Therapeutics develops precision oncology treatments based on synthetic lethality. The company uses its genome-wide, CRISPR-enabled SNIPRx platform to develop targeted cancer therapies focused on genomic instability, including DNA damage repair.

Progenity (PROG) opened on June 19 at $15.11. The company had priced 6.667 million shares at $15.00. Piper Sandler and Wells Fargo acted as joint book running managers for the offering. Progenity is a molecular testing services provider with a lineup that consists of a non-invasive prenatal test for fetal chromosomal disorders, an expanded carrier screen for genetic diseases, a hereditary cancer screen, a prenatal test for monogenic disease, and a portfolio of anatomic and molecular pathology tests.

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