While there are significantly fewer initial public offerings in 2022 than in 2021 and 2020, the caution expressed by biopharma companies and investors seems to be paying off, with this year showing the best average performance of the three years.
Inventisbio Co. Ltd. has raised ¥2.084 billion (US$296 million) in an IPO on Shanghai’s STAR Market priced at ¥18.12 per share, though its stock saw a disappointing debut, opening at ¥14 per share on the first trading day July 25 and closing at $15.29, for a drop of 15.6%. The stock closed Aug. 1 at ¥14.42.
Inventisbio Co. Ltd. has raised ¥2.084 billion (US$296 million) in an IPO on Shanghai’s STAR Market priced at ¥18.12 per share, though its stock saw a disappointing debut, opening at ¥14 per share on the first trading day July 25 and closing at $15.29, for a drop of 15.6%. The stock closed Aug. 1 at ¥14.42.
Barely a month after signing a €1 billion-plus deal with Menarini Group for cholesterol-lowering drug obicetrapib, Newamsterdam Pharma BV has struck a $235 million SPAC merger deal that will see the biotech list on Nasdaq in late 2022. The deal will finance phase III development and potential regulatory filings of the drug once dropped by Amgen Inc. as big pharma turned away from the cholesteryl ester transfer protein inhibitor drug class around five years ago.
Microport Neurotech Ltd.’s shares started at HK$24.7 (US$3.15) per share, fell 0.162% and closed at HK$24.60 apiece on its first day of trading of July 15, 2022.
Rainmed Medical Ltd. raised HK$146 million (US$19 million) in an initial public offering in Hong Kong. Its shares debuted at HK$5.60 and dropped as much as 15.38% to close at HK$5.28 on July 8, 2022, the first trading day. Jiangsu, China-based Rainmed Medical plans to use 80% of the proceeds to support the development and commercialization of its core products – a coronary angiography-derived fractional flow reserve (caFFR) system and a coronary angiography-derived index of microvascular resistance (caIMR) system.
European biotechnology firms engaged in the discovery and development of therapeutics raised up to $2.15 billion in disclosed equity transactions during the second quarter, a drop of 36% on the same period of 2021. The closure of the IPO window was a major factor in the decline, but the completion of two sizeable special purpose acquisition company deals made up some of the shortfall. Listed firms raised slightly more in Q2 2022 than they did in the same period last year. Venture capital, although the single biggest source of equity funding during the quarter, was also down on the same period last year.
A tightening of rules for biotech listings on the Shanghai STAR Market may have contributed to a visible cool-down in biotech IPOs, with fewer listings in Chinese stock markets in the first half of 2022.
Mega Genomics Ltd. raised HK$153.4 million (US$20 million) in an initial public offering on the Stock Exchange of Hong Kong. Its shares jumped 16.7% in the middle of the first trading day on June 22 and closed at HK$18 a share. Beijing-based Mega Genomics plans to allocate 30% of the proceeds to the sales, marketing, and commercialization of its consumer genetic testing and cancer screening services and products.
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