ACLX News

While market conditions are still keeping the IPO window mostly closed, the year's large issuers are finding support, especially over the past few months. Excluding high-flying outlier HKD, just 15 IPOs have raised $100 million or more in 2022, and 13 (87%) are trading above issue. The group averages an impressive 29% return from offer, driven by... ...read more

Despite weak trading in the biotech sector, another drug developer is preparing to take on a challenging IPO market. Norovirus vaccine developer HilleVax (HLVX) plans to raise $175 million this week in the first major biotech IPO of the 2Q. Seven biotechs have gone public so far in 2022. While the group performed relatively well in the first quarter, returns...read more

In February, eight IPOs raised $271 million, a 76% y/y decline in IPO count and a 97% drop in proceeds. February IPOs raised fewer proceeds than any month since November 2018. The month’s issuers were primarily micro-caps, as the average deal size shrank to a mere $34 million; just one deal raised more than $100 million. Issuance was slow as companies finished preparing 4Q21...read more

The February IPO market kicked off with two cancer-focused biotechs, joined by four SPACs. New filers trickled into the pipeline with one IPO and four SPACs submitting initial filings. CAR-T biotech Arcellx (ACLX) priced at the low end to raise $124 million at a $583 million market cap. The company’s sole clinical-stage candidate, CART-ddBCMA, reported...read more