Just two IPOs priced this past week, raising $222 million as the US IPO market continued to cool down. They were joined by eight SPACs that raised $1.5 million. The IPO pipeline remained active, with 13 IPOs and 14 SPACs submitting initial filings this week.
Swiss rare disease biotech VectivBio Holding (VECT) priced at the midpoint to raise $128 million at a $634 million market cap. The company’s lead candidate is a next generation, long-acting synthetic analog of glucagon-like peptide-2 (GLP-2), which is being developed for a range of rare GI diseases. The candidate is currently in a Phase 3 trial for short bowel syndrome with topline data expected in the 2H23. VectivBio finished up 43%.
Another rare disease biotech, Reneo Pharmaceuticals (RPHM) priced at the low end to raise $94 million at a $397 million market cap. Reneo is advancing its sole clinical candidate for multiple rare mitochondrial diseases. The candidate is currently in a Phase 2b trial for primary mitochondrial myopathies, with data expected in 2023. Reneo finished down 7%.
Eight blank check companies went public this past week, led by CM Life Sciences I (CMLTU), which raised $480 million, and Tio Tech A (TIOAU), which raised $300 million.
| 10 IPOs During the Week of April 5th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/09 |
| VectivBio Holding (VECT) | $128M | $634M | 0% | +43% | +43% |
| Swiss Phase 3 biotech developing therapies for rare gastrointestinal disorders. | |||||
| CM Life Sciences III (CMLTU) | $480M | $600M | 0% | +12% | +12% |
| Third blank check company formed by Casdin Capital and Corvex Management targeting a life science business. | |||||
| TPG Pace Solutions (TPGS) | $250M | $285M | 0% | +1% | +1% |
| Blank check company formed by TPG targeting mature businesses underperforming their potential. | |||||
| Model Performance Acq. (MPACU) | $50M | $65M | 0% | +1% | +1% |
| Blank check company | |||||
