Apollo Global Management (APO -1.8%) and its CEC Entertainment has begun to prepare for an initial public offering for (formerly) child-focused restaurant chain Chuck E. Cheese that could value the company at more than $1B including debt, Reuters reports.
The offering could come in the second half, but Apollo hasn't yet hired underwriters, Reuters says.
Apollo had taken the company private in January 2014 after agreeing to pay $1.3B, about a 25% premium over the pre-deal-talk price.
Chuck E. Cheese spent the past couple of private years watching other fast-growing restaurants fail to grow after going public, as sit-down casual chains struggled. But competitor Dave & Buster's (NASDAQ:PLAY) saw comparable-store sales grow almost 6% in Q3 2016, and Chuck E. Cheese has expanded alcohol offerings and worked to broaden its appeal beyond children, as D&B has.
The company operates 603 locations as well as 144 Peter Piper Pizza stores across the U.S. and 11 other countries.
The clinical-stage biopharmaceutical firm leverages its proprietary Hierotope platform to identify unique disease targets and designs and engineers antibody-based biologics to treat infectious and non-infectious diseases. The company says its platform enables it to develop therapies to prevent and treat infectious diseases caused by organisms that have a high degree of diversity among strains, frequent mutations and a high degree of treatment resistance.
Its lead candidate is Phase 2-stage VIS410, a monoclonal antibody to treat hospitalized patients with any strain of influenza A. The U.S. Government's Biomedical Advanced Research and Development Authority (BARDA) provides some of the funding for development. Product candidate #2 is VIS513, a monoclonal antibody designed to treat Dengue. A Phase 1 study should commence in H1 2018.
The clinical-stage biotech develops antibody-based therapies to treat inflammation. Its pipeline includes Phase 2-stage ANB020, an antibody to IL-33, for the treatment of atopic dermatitis, severe peanut allergy and eosinophilic asthma and ANB019, an antibody against IL-36R, for the treatment of pustular psoriasis. It has collaboration agreements with TESARO (NASDAQ:TSRO) and Celgene (NASDAQ:CELG).
The clinical-stage biopharmaceutical firm develops therapeutics to treat conditions that compromise a woman's reproductive health and pregnancy. Its pipeline includes Phase 3-stage OBE2109, an oral gonadotropin-releasing hormone receptor agonist, for the treatment of pain related to endometriosis; Phase 3-stage OBE001 (nolasiban), an oral oxytocin receptor antagonist, to improve uterine blood flow and enhance the receptivity of the endometrium to embryo implantation and Phase 1-stage OBE022, an oral PGF2alpha receptor antagonist, for the control of preterm labor.
The Princeton, NJ-based pharmaceutical outfit develops long-acting drugs to treat serious central nervous system disorders. It currently markets one product, a buprenorphine subdermal implant for the long-term (six months) treatment of opioid addiction branded as Probuphine, that was OK'd by the FDA in May 2016. The company licensed it from Titan Pharmaceuticals (NASDAQ:TTNP).
Braeburn's pipeline includes two Phase 3 programs, CAM-2038, a once-weekly buprenorphine injection and CAM-2038, a once-monthly buprenorphine injection, for the treatment of opioid dependence. The company is also developing both candidates for the long-term treatment of pain. Another late-stage asset is BB-0817, a subdermal implant of risperidone for the long-term (six months) treatment of schizophrenia.
Gores Holdings II (GSHTU) raises $375M by offering 37.5M shares at $10 per pop.
The blank check company was formed by The Gores Group which took Hostess Brands (NASDAQ:TWNK) back to the public markets last year. At this point, there's not to much to analyze with the eventual business being acquired not even known.
SEC Form S-1 dive: "We have not identified any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target."
A prior Snap (Private:CHAT) employee, for a term of three weeks, has filed a lawsuit against the company claiming, among other items, certain overinflation of growth figures in effort to drive up company valuation.
Snap: "We've reviewed the complaint. It has no merit. It is totally made up by a disgruntled former employee."
While much of the filing has been redacted, it's available to view here courtesy of Recode.
New York narrowly edged out Hong Kong in the global rankings for IPOs this year, with $24.6B on the NYSE (NYSE:ICE) and Nasdaq (NASDAQ:NDAQ) combined, while Hong Kong had $24.5B. Shanghai came next with about $16B, according to Dealogic.
The numbers were significantly lower than last year. Globally, new listings total $141B in 2016, down a third from last year and the weakest level recorded since 2012.
Schneider National (SNDR) files for an IPO estimated to be at $1B.
The company reported revenue of $3.959B in 2015 and adjusted EBITDA of $529.4M
Schneider sees itself as positioned to benefit from the e-commerce boom.
S-1 dive: "As a leading 'first, final and every mile' carrier for difficult-to-handle consumer items, such as furniture and mattresses, one of the fastest-growing e-commerce markets, we are well-positioned to capitalize on continued e-commerce growth."
Belgian outfit TiGenix (Pending:TIG) has priced its U.S. IPO of 2.3M American Depositary Shares (ADSs) at $15.50. Each ADS represents 20 ordinary shares.
The biotech's lead product candidate is Cx601, an adipose-derived allogeneic stem cell suspension for the treatment of complex perianal fistulas in patients with Crohn's disease. Takeda has commercialization rights ex-U.S.
Altice (OTCPK:ATCEY) is exploring the prospect of an initial public offering of a minority interest in its U.S. cable operations (Altice USA), though the plans are in early stages.
No assurance can be given that an IPO will be pursued, and there's no thoughts yet about structure or timing.
The French telecom/media giant paid $9.1B to enter the U.S. market with an acquisition of Suddenlink last year, and it set a $17.7B deal to acquire Cablevision from the Dolan family along with (aborted) consideration of making a run at Time Warner Cable. Altice USA is worth more than $25B.
Analyst James Cakmak broadly considers an investment shift to come as Facebook (FB +1.6%), Amazon (AMZN +2.6%), Alphabet (GOOG, GOOGL) and Netflix (NFLX -1.5%) have each enjoyed strong two-year runs, and combining with the prospect of the extent of upside subsiding and disproportionate ownership across the names in relation to benchmarks, asserts the "winners of this year and last may become the primary source of funds next year."
Shanghai-based Innovent Biologics secures $260M in Series D financing, a record for a clinical-stage Chinese biotech. The capital infusion will fund the continued development of its pipeline of 10 antibodies to treat 12 conditions in cancer, autoimmune disorders, ophthalmology and cardiovascular diseases. Three are in Phase 3 development.
Originally planned for December, AppDynamics is claimed to be moving its IPO into 2017 on election-related uncertainty.
AppDynamics (Private:APDYN) operates in the area of application performance monitoring and management, has privately raised $314.5M and was last valued at around $1.9B on its most recent round of disclosed funding (November 2015). The prospective public offering is considered to be targeting a $2B-$3B range.
Packaging solutions firm Ardagh Group (ARD) files for an IPO on the NYSE.
Renaissance Capital estimates the $100M placeholder amount could eventually increase to a deal size of $1B.
Ardagh on it competitive strength: "We believe that we are the #2 supplier of metal cans by value (meaning total revenue derived from supplying to specific end-markets and end-use categories) in the European beverage can and food can end-use categories, the #1 supplier of metal cans by value in the European seafood, aerosols, paints & coatings and nutrition end-use categories and the #1 supplier of metal cans by value in the North American seafood end-use category. In addition, we believe that we are the #3 supplier of beverage cans by value in the United States and Brazil."
Pest control company SenesTech (Pending:SNES) will raise $20M in its IPO at the midpoint of the pricing range of $9 to $11 (lowered from $12 to $14).
What is SenesTech exactly? From the filing: "We have developed and are seeking to commercialize globally a proprietary technology for managing animal pest populations through fertility control. We believe our innovative non-lethal approach, targeting reproduction, is more humane, less harmful to the environment, and more effective in providing a sustainable solution to pest infestations than traditional lethal pest management methods."
The company will sell Class A shares to the public, while Expedia (NASDAQ:EXPE) will control the Class B shares.
Trivago on its scale: "We have achieved significant scale, with approximately 1.3 million hotels available on our platform as of September 30, 2016, supported by 55 localized versions of our website served in 33 languages. Additionally, we believe we work with almost all significant international, regional and local OTAs."
Total Trivago revenue in 2015 was $536M and an operating loss of $52M was reported.
The clinical stage biopharmaceutical firm employs its genomic technology to enhance the development of pre-existing pharmaceutical products for the treatment of a range of cancers and to prospectively identify patients who may be the best responders to therapy.
Its lead product candidate is Picoplatin, a next-generation platinum-based chemotherapeutic. Its value proposition is less unwanted side effects and improved ability to overcome platinum resistance. Phase 2 studies in colorectal cancer and squamous head and neck cancer should commence this month.
Picoplatin was originally developed by a subsidiary of AstraZeneca (NYSE:AZN). It was then sold to Genzyme (NYSE:SNY) who licensed it to Poniard Pharmaceuticals. In early November 2009, Poniard announced that a Phase 3 study in small cell lung cancer failed to achieve its primary efficacy endpoint and stopped development. In 2013, Encarta (predecessor to Tallikut Pharmaceuticals) acquired certain assets from Poniard including the Genzyme license. Accelerated Pharma obtained the rights via an exclusive license with Tallikut in June 2014.
London-based Motif Bio (Pending:MTFB) is set for its global IPO of 42.5M ordinary shares. The U.S. offering will be American Depositary Shares (ADSs) at ~$12.40. Each ADS represents 20 ordinary shares. Buyers will receive one half of a warrant to purchase one ADS with each ADS purchased. Ordinary shares will be offered in Europe. Buyers will receive one half of a warrant to purchase one ordinary share with each share bought.
The clinical stage biopharmaceutical firm develops novel antibiotics to treat serious life-threatening infections in hospitalized patients caused by multidrug-resistant bacteria.
It lead product candidate is Phase 3-stage iclaprim, a dihydrofolate reductase (DHFR) inhibitor originally discovered by Roche who licensed it to Arpida AG. Development ceased after the FDA rejected its marketing application in 2008. The company believes that iclaprim is approvable in the U.S. due to a more favorable regulatory environment. It cites the subsequent approvals of two antibiotics that failed to win approval about the same time as iclaprim was rejected: dalbavancin (Allergan's (AGN +1.9%) DALVANCE) and oritavancin (The Medicines Company's (MDCO +3.8%) ORBACTIV). Two Phase 3 studies, REVIVE-1 and REVIVE-2, are recruiting patients. Each is comparing iclaprim to vancomycin in patients with acute bacterial skin and skin structure infections (ABSSSI). Both should be completed in August 2017.
Morgan Stanley and JMP Securities initiate positively with respective Market outperform and Outperform ratings and $30 targets (current price $25.02). Terry Tillman at Raymond James cites high valuation, though is encouraged by potential revenue upside and market positioning.
Barclays, J.P. Morgan and Morgan Stanley issue respective Equal weight, Neutral and Equal weight ratings with $28, $27 and $26 targets. Barclays, similarly citing valuation, remains sidelined for the time being, while J.P. Morgan notes a high rate of revenue growth it expects to slow.
Coupa Software (COUP -1%), trading 38.6% above its $18 offering price, is nonetheless 30% below the open ($35) on its first day of trading earlier this month.
LeEco plans to list shares in the U.S. in 2019 as it stays on an aggressive track to grow globally, according to South China Morning Post.
The consumer electronics giant, which acquired Vizio earlier this year for $2B, sells smartphones, TVs and tablets, all tied to its video-streaming platform, under a developing ecosystem.
It's a bold move by the Chinese company to attempt to capture significant market share in the competitive U.S. market against Apple and Amazon (NASDAQ:AMZN), although there are reports that it's in talks with Netflix (NASDAQ:NFLX) for a content partnership.
LeEco is also working with Faraday Futures on electric vehicle R&D. The company showed off its EV concept LeSee model earlier this year and has thrown out some very ambitious long-term production targets. Despite the buzz, there's still quite a bit of work to be done before it can be considered a legitimate challenger to Tesla (NASDAQ:TSLA), Nissan (OTCPK:NSANY), General Motors (NYSE:GM) and other EV players.
Though valuations fluctuate and an IPO for Snap (Private:CHAT) is at this point unconfirmed, an up to $4B raise, $25B-$40B valuation range and early-2017 timeline mark the most recent headline metrics.
The placeholder amount listed on the filing is $100M.
The specialty vehicle maker reported revenue of $1.735B and net income of $22.88M in 2015.
REV on its market: "We believe that a growing aged population, longer life expectancy, urbanization and the increasing use of emergency vehicles for non-critical care transport are all positive trends for the ambulance market."
San Francisco, CA-based iRhythm Technologies (Pending:IRTC) shows that its timing is spot on in its first day of trading. Shares are up 56% from the $17 offer price on turnover of 5.5M. The IPO closing date is October 25.
The original offering was 5.35M common shares at $13 - 15 but was increased to 6,294,118 shares at $17.
In a surprising development, CRISPR Therapeutics (Pending:CRSP) downsizes its IPO to 4M common shares from 4.7M and drops the price to $14, below the original range of $15 - 17. Underwriters over-allotment is an additional 600K shares. Closing date is October 24. Trading begins today.
The company was co-founded by one of the CRISPR/Cas9 discoverers, Emmanuelle Charpentier. The technology is the "next big thing" in biotech. Investors will want to keep an eye on this one, along with Editas Medicine (NASDAQ:EDIT) and Intellia Therapeutics (NASDAQ:NTLA).
There has been much media speculation that Ant has pushed back the hotly anticipated flotation to 2017 from 2016, although CNBC's source says that the company hasn't set a timetable as it's in a long line of firms waiting for approval from Chinese authorities to list.
Alipay has 450M active users and processes 170M transactions a day.
The biopharmaceutical firm utilizes its peptide chemistry platform to develop therapies to treat disorders caused by excessive or uncontrolled activation of the complement system, an essential component of the immune system. Complement system overactivation plays a key role in immune and inflammatory diseases.
Its lead product candidate is RA101495, a subcutaneous injection formulation for the treatment of paroxysmal nocturnal hemoglobinuria (PNH), a rare blood disorder in which the complement system attacks and destroys red blood cells. A Phase 2 study is set to begin in Q1 with top-line data expected in H2 2017. A Phase 2 study in refractory generalized myasthenia gravis and a Phase 1b in lupus nephritis should commence in H2 2017.
RA101495 is a synthetic macrocyclic peptide (ring-shaped chain of amino acids) that inhibits complement component 5 (C5), which plays a key role in the rupture and destruction of red blood cells.
The Bermuda-domiciled biopharmaceutical firm develops therapies for endocrine disorders, principally in women's health. Its lead product candidate is relugolix, an orally available, once-daily small molecule that acts as a gonadotropin-releasing hormone (GnRH) receptor antagonist. Inhibiting GnRH receptors in the pituitary gland reduces circulating luteinizing hormone (LH) and follicle-stimulating hormone (FSH) which lowers estrogen in women and testosterone in men. Lowering these hormones improves the symptoms of uterine fibroids and endometriosis in women and decreases prostate-specific antigen (PSA) in men with advanced prostate cancer.
Relugolix is set to enter Phase 3 development in Q1 for the treatment of heavy menstrual bleeding associated with uterine fibroids and advanced prostate cancer and in H1 for the treatment of women with endometriosis-associated pain. Top-line data from all three are expected in 2019.
Its second product candidate is RVT-602, an oligopeptide kisspeptin analog, for the treatment of female infertility as part of assisted reproduction. Kisspeptin is a naturally occurring peptide that stimulates GnRH release which, in turn, stimulates the release of LH and FSH which play key roles in egg maturation. The company says it may be a safer alternative to human chorionic gonadotropin when used to treat female infertility.
Financials (2/2/16 inception - 6/30/16)($M): Operating Expenses: 18.8; Net Loss: (20.7), Cash Burn: no cash used, expenses were non-cash.
The commercial-stage firm claims that it has developed a more effective way to diagnose and monitor cardiac arrhythmias. Its platform is called the ZIO Service, which combines wearable biosensing technology with cloud-based data analytics and machine-learning capabilities. The patient wears an unobtrusive biosensor for up to 14 days from which proprietary algorithms distill the data into clinically actionable information.
The company says its goal is to be the leading provider of first-line ambulatory electrocardiogram (ECG) monitoring for patients at risk for arrhythmias, a condition affecting 11M Americans and 34M people worldwide. Since FDA clearance in 2009, ZIO Service has been provided to more than 500K patients generating over 125M hours of curated heartbeat data, which it claims to be the world's largest.
The Basel, Switzerland-based biotech develops therapeutics based on the CRISPR/Cas9 gene editing technology. The company was co-founded in 2013 by Emmanuelle Charpentier who is one of the inventors of CRISPR/Cas9 along with UC-Berkeley's Jennifer Doudna.
Its most advanced programs (IND stage) are focused on ex vivo applications to treat hemoglobin disorders, including beta thalassemia and sickle cell disease. Other ex vivo programs are Hurler syndrome (mucopolysaccharidosis type 1), severe combined immunodeficiency and various indications in immuno-oncology. In vivo programs include glycogen storage disease, hemophilia, Duchenne muscular dystrophy and cystic fibrosis. All are in the research phase.
With 11.4M shares for sale, the company raised $251M in the offering.
The company, a national network of RV-focused retail locations numbering 120 nationwide, had $3.33B in revenues last year and noted net income of $120.5M for the six months ended June 30, up 10.9% Y/Y.