Another four IPOs complete busy week as biotech raise continues to match 2020's record pace

18 Jun 2021
endpts.com
AntibodyCell TherapyADCAcquisition
Editor’s note: Interested in following biopharma’s fast-paced IPO market? You can bookmark our IPO Tracker here. One of the busiest IPO weeks of the year has capped off with another four biotechs expected to make their public debuts Friday. After Lyell, Verve and Molecular Partners all priced earlier in the week, ATAI Life Sciences, Century Therapeutics, Ambrx Biopharma and Cyteir Therapeutics each followed suit with nine-figure raises after market close Thursday. All that effort has driven the combined biotech IPO raise close to $9 billion, per the Endpoints News tally. With the end of the second quarter rapidly approaching, the industry is well on its way to eclipsing 2020’s record IPO figures. Last year saw a $16.5 billion combined raise from 91 biotechs, according to Nasdaq, where 2021’s sum thus far comes from 53 newly public companies. ATAI led Friday’s group, tallying a $225 million raise at $15 per share. Century also hit the $200 million mark, raising $211 million at $20 per share. Cyteir and Ambrx followed up with totals of $133 million and $126 million, respectively, each launching their stock at $18. ‘Believing in magic,’ Thiel-backed ATAI jumps to Nasdaq Peter Thiel Backed by billionaire Peter Thiel, ATAI has completed the next step in its journey as it continues its unique mission of wrapping several psychedelic biotechs under one corporate umbrella. The IPO follows two nine-figure private raises, with a $125 million Series C last November and a $157 million Series D in March. CEO Florian Brand told Endpoints News at the time that their psychedelic strategy proved essential in driving that heavy investor interest, and that ostensibly continued into ATAI’s Nasdaq leap. Having finished its IPO prep, we can now glean some more information out of ATAI’s public plans thanks to an updated S-1 filing. The biotech listed seven of their 14 portfolio companies toward which IPO funds will be directed, with Perception and Recognify leading the way. Perception had been one of ATAI’s earliest acquisitions, while Recognify joined the fold this past January. Perception’s cash will be used to launch and complete a Phase II study for a program in treatment resistant depression, while Recognify is looking to finish a Phase IIa trial for their candidate they say can modulate the cholinergic, NMDA and GABA type B receptor systems. The other companies specifically slated for funds are DemeRx, GABA Therapeutics, Neuronasal, Kures and Viridia. But ATAI isn’t stopping there, saving a massive amount for other players in their portfolio and setting aside $75 to $85 million for another potential acquisition. ATAI will trade under the ticker $ATAI. Founder Christian Angermayer, who controls the largest stake in ATAI at 19.1% post-offering, tweeted his apparent pleasure at the news early Friday. Be happy. Live your dreams. Believe in magic. 🍄😉🚀 — Christian Angermayer (@C_Angermayer) June 18, 2021 Cell therapy player Century continues its hot streak Looking to capitalize on the momentum in another hot market — allogeneic cell therapy — CEO Lalo Flores is steering Century to Nasdaq. Lalo Flores The IPO continues a big year for Flores, who nailed down a $160 million raise back in March to scale their iPSC platform for CAR-T and CAR-NK efforts. Century is taking what they see as a different approach to the technology, however, opting for induced pluripotent stem cells rather than donor cells. Century’s lead program,CD19D19 CAR-NK that they hope to steer into a human trial by 2022, is expected to see a $50 million windfall from the IPO. Three other programs will get a combined $110 million in funds, Century said in its S-1 earlier this week. The triumvirate of those preclinical programs targetiCD133133 aEGFRGFCD19D19 aCD79b79b, as well as another multispecific candidate. If everything goes as planned, Century will complete its slate of INDs by the end of 2024. Another $35 million is slated to boost the biotech’s manufacturing capabilities. Century has some big players as its top investors, who will each see hefty windfalls with the IPO raisVersantant is the biotech’s biggest shareholder with a 24.7% post-offering stake, whiBayeryer will control 21.8% of shares once the IPO is completeFujifilmilm’s cell manufacturing subsidiary also owns 12.7% of Century. Once it rings in the IPO on Friday, Century will trade under the ticker $IPSC. Cyteir hits the bullseye in IPO raise Cyteir’s public leap comes after a Series C round in February that saw the biotech pull in $80 million. They’ve invested heavily in their lead program, an oral inhibitor RAD51-mediatedted DNA repair, and the biotech is aiming to potentially complete a Phase II trial as a monotherapy with $85 million of the $133 million IPO. TargetiRAD51D51, the candidate hits at a critical enzyme in double-stranded DNA repair, as Cyteir researches the concept of synthetic lethality. Markus Renschler The biotech hopes the phenomenon can inhibit the DNA damage repacancercer cells need to survive and grow, CEO Markus Renschler told Endpoints in February. Behind this program is anothRAD51D51 candidate, but is still in the preclinical stage. Here, Cyteir will funnel $22 million of its IPO cash, and save the rest for other general R&D and corporate purposes. Cyteir has some big backers behind the IPO, wiNovo holdingsngs topping the charts at a 13.2% stake after the offering. Janwillem Naesens’ Droia Ventures comes in second with a 9.5% stake, matching the shares owned by Venrock. And RA Capital aCelgene/Bristol Myers Squibbibb each own significant stakes, at 5.8% and 5.1%, respectively. Other major stockholders include Osage University Partners II at 7.2% and Lightstone Ventures at 7.1%. Cyteir will trade under the ticker $CYT. Second time’s the charm for re-energizAmbrxbAmbrxbrx’s second attempt to go public has ended in success, following a 2014 effort that was withdrawn. After selling itself to a syndicate of Chinese investors and pharma companieAmbrxbrx laid low until a $200 million crossover raise last November helped complete its pivot to China. They’ve lined up partnerships with MercBristol Myers Squibbibb aEli Lillylly over the years, and signed discovery deals with BeiGene, Suzhou-basMabSpaceace and Shanghai-based NovoCodex, among otherAmbrxbrx moved its first in-house drug into the clinic,HER2-targetinging antibody-drug conjugate, and much of the IPO’s cash will focus on pushing it forward in overexpressHER2Ebreast and gastric cancersers, as well as othsolid tumorsors.prostate cancercer program will also see some funds. The Beijing investment firm HOPU stands to gain the most from this IPO, as it will own a 14.8% stake Ambrxbrx after the offering is finished. WuXi is also involved with 11.1% of post-offering shares. CEO Feng Tian will collect some cash as well, owning about 5.8 million shares that amount to a 2.2% stakAmbrxbrx will trade under the ticker $AMAM.
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