Updated Monday, 8/17.
Three biotechs, a medical imaging company, and three SPACs are scheduled to go public in the week ahead. While the annual summer slowdown is setting in, the IPO market is still in the midst of its most active August since 2013.
Commercial-stage biotech Harmony Biosciences (HRMY) plans to raise $100 million at a $1.4 billion market cap. The company’s sole marketed product, WAKIX, is the first and only approved product for adult narcolepsy that is not scheduled as a controlled substance, and it has generated $64 million in revenue since its commercial launch in November 2019. Backed by Valor Equity and Fidelity, the company plans to pursue label expansion for WAKIX and target new indications.
Phase 1 biotech Inhibrx (INBX) plans to raise $102 million at a $620 million market cap. This is the company’s second attempt to go public, last filing to raise $75 million in June 2019 before withdrawing in November. Backed by Viking Global, the biotech is primarily targeting oncology indications, with four clinical candidates.
Preclinical inflammatory disease biotech Kymera Therapeutics (KYMR) plans to raise $125 million at a $772 million market cap. The early-stage company expects to file an IND for candidate KT-474, an orally bioavailable IRAK4 degrader, in the 1H21. If approved, the company will initiate a Phase 1 trial in adult healthy volunteers and hidradenitis suppurativa and atopic dermatitis patients.
Israeli medical imaging company Nano-X Imaging (NNOX) plans to raise $100 million at a $793 million market cap. Certain insiders and other investors have indicated on $80 million of the IPO. The company plans to provide affordable medical imaging systems through the development a novel X-ray source. Its Nanox.ARC product has not been approved by the FDA, though the company expects to deploy the first generation in the 1H21 if its working prototype is cleared.
SPAC Northern Genesis Acquisition (NGA.U) plans to raise $300 million to acquire a business with a strong environmental, social, and governance profile. The company’s management team has experience in the energy and utilities sectors and plans to target a variety of industries.
SPAC Forum Merger III (FIIIU) plans to raise $250 million to acquire a US-based company with an aggregate enterprise value of approximately $500 million to $2 billion. The company is led by SPAC veterans Marshall Kiev and David Boris.
SPAC Petra Acquisition (PAICU) plans to raise $125 million to acquire a business in the cannabis industry. It is led by CEO and Chairman Andreas Typaldos, who has founded several companies in the technology, software, AI, and lifestyle markets.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Northern Genesis Acq. (NGA.U) Kansas City, MO |
$300M $375M |
$10 30,000,000 |
Raymond James EarlyBird |
| Blank check company targeting an environmentally sustainable business. | |||
| Forum Merger III (FIIIU) Delray Beach, FL |
$250M $320M |
$10 25,000,000 |
Jefferies |
| Third blank check company formed by SPAC veterans David Boris and Marshall Kiev. | |||
| Harmony Biosciences (HRMY) Plymouth Meeting, PA |
$100M $1,389M |
$20 - $23 4,651,163 |
Goldman Jefferies |
| Commercial stage biotech developing therapies for narcolepsy and other CNS disorders. | |||
| Inhibrx (INBX) La Jolla, CA |
$102M $620M |
$16 - $18 6,000,000 |
Jefferies Evercore ISI |
| Phase 1 biotech developing single domain antibodies for cancer and rare diseases. | |||
| Kymera Therapeutics (KYMR) Watertown, MA |
$125M $772M |
$16 - $18 7,360,000 |
Morgan Stanley BofA |
| Preclinical biotech developing small molecule protein degrader therapies for inflammatory diseases. | |||
| Nano-X Imaging (NNOX) Neve Ilan, Israel |
$100M $793M |
$16 - $18 5,882,353 |
Cantor Fitz. Oppenheimer |
| Developing affordable medical imaging systems. | |||
| Petra Acquisition (PAICU) New York, NY |
$125M $156M |
$10 12,500,000 |
LifeSci Capital Ladenburg |
| Blank check company targeting a cannabis business. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/13/20, the Renaissance IPO Index was up 40.6% year-to-date, while the S&P 500 was up 4.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Pinduoduo (PDD). The Renaissance International IPO Index was up 28.1% year-to-date, while the ACWX was down 3.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Xiaomi.
