Large biotech Prime Medicine (PRME) was the week’s only IPO as several small issuers delayed. Two IPOs submitted initial filings, including another sizable biotech.
The biggest news of the week came from the pipeline, as Intel’s Mobileye (MBLY) launched its $779 million IPO. The self-driving tech developer plans to list on the Nasdaq in the week ahead.
Prime Medicine upsized and priced at the midpoint to raise $175 million at a $1.7 billion market cap. At pricing, the company also added insider indications covering 63% of the deal. Prime is developing therapies using Prime Editing technology, which it believes its more accurate and versatile than other types of gene editing. Its current portfolio consists of preclinical candidates for 18 rare disease indications, though the company has no clinical data available and doesn’t expect to file its first IND until 2024. Prime recovered slightly after breaking issue on its first day, but still finished the week down 7%.
| 1 IPO During the Week of October 17th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/21 |
| Prime Medicine (PRME) | $175M | $1,676M | 0% | -10% | -7% |
| Preclinical biotech developing novel gene editing therapies for various diseases. | |||||
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Precision oncology biotech Acrivon Therapeutics (ACRV) led the week’s pipeline additions, filing to raise $100 million. The company’s lead candidate is in a potentially registrational Phase 2 trial across multiple tumor types, focusing on treatments for platinum-resistant ovarian, endometrial, and bladder cancers.
| 2 Filings During the Week of October 17th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Acrivon Therapeutics (ACRV) | $100M | Health Care | Morgan Stanley |
| Phase 2 biotech developing precision oncology therapies. | |||
| Janover (JNRV) | $16M | Technology | EF Hutton |
| Operates an online B2B commercial real estate lending platform. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/20/2022, the Renaissance IPO Index was down 52.0% year-to-date, while the S&P 500 was down 22.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 46.1% year-to-date, while the ACWX was down 25.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
