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.
Forma Therapeutics (FMTX) opened on June 19 at $40. The company had priced 13.88 million shares at $20.00. The deal size increased from 11.8 million shares and priced above the $16.00-$18.00 target range. Jefferies, SVB Leerink, and Credit Suisse are acting as joint book running managers for the offering. Forma is developing a pipeline of treatment candidates for various blood and cancer diseases.
Genetron Holdings (GTH) opened on June 19 at $16.15. The company had priced 16 million shares at $16.00, above the $11.50-$13.50 range. Credit Suisse and CICC acted as joint book running managers for the offering. Genetron is a precision oncology company in China that specializes in cancer molecular profiling.
PERFORMANCE
- Royalty Pharma ended the week at $49.
- After opening at $3.48 on Thursday, VerifyMe finished Friday at $3.95.
- Repare Therapeutics ended the week at $30.80 after opening at $32.05.
- Progenity finished Friday at $13.12.
- Forma Therapeutics ended its first trading day at $39.
- After opening at $16.15, Genetron Holdings finished Friday at $16.
UPCOMING IPOS
Among the upcoming IPOs are ADC Therapeutics (ADCT), Ayala Pharmaceuticals (AYLA), Lyra Therapeutics (LYRA), Juniper Wellness (JUPW), BlueCity Holdings (BLCT), and Nkarta (NKTX).
- ADC Therapeutics is a biotechnology company focused on cancer treatments, looking to raise up to $185.3 million in its IPO.
- Ayala Pharmaceuticals is a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations.
- Lyra Therapeutics is a biotech specializing in treatments for ear, nose, and throat diseases.
- Nkarta Therapeutics is a biopharmaceutical company focused on the discovery, development, and commercialization of allogeneic, off-the-shelf engineered natural killer cell therapies to treat cancer.
- Juniper Wellness provides acupuncture, herbal medicine and labor doula services.
- BlueCity Holdings is an online LGBTQ community and dating platform in China.
Disclosure: None.