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Biotechs Apogee and Sagimet slated to kick off the July IPO market

July 11, 2023

Following the Independence Day lull, the July IPO market is set to warm up with two biotechs that plan to raise $75+ million. The pair are expected to price this week.

Apogee Therapeutics (APGE) plans to raise $250 million at the $16 midpoint in a deal led by Jefferies. At the midpoint, it would be the second-largest biotech IPO since the start of 2022, after ACELYRIN. Founded in 2022 by healthcare investors Fairmount Funds and Venrock as a spinout of Paragon Therapeutics, Apogee is developing differentiated monoclonal antibody therapies for various inflammatory and immunology indications. The company anticipates initiating a Phase 1 trial for its atopic dermatitis program in the 2H23 and nominating a development candidate for its COPD program in 2023.

In its second IPO attempt, Sagimet Biosciences (SGMT) plans to raise $75 million at the $16 midpoint in a deal led by Goldman; Sagimet previously submitted an S-1 in early 2021 before it pulled the filing. Backed by NEA, Kleiner Perkins, and Baker Bros., this biotech is developing selective fatty acid synthase inhibitors, initially for nonalcoholic steatohepatitis (NASH), a common liver disease for which there are currently no FDA-approved therapies. Its sole clinical candidate has completed a Phase 2a trial in NASH, and the company presented interim results for its Phase 2b trial in November 2022.

Of the 57 biotech IPOs from the past two years, 37 raised $75 million or more. These larger biotechs average a...

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