June 29, 2018 / 6:27 PM / 24 days ago

Biotechs dominate filing activity

NEW YORK (IFR) - Judging by recent filing activity, biotechs are again likely to represent a large proportion of IPO activity in July.

Late on Friday, June 22, five biotechs filed publicly for IPOs, positioning them to potentially launch in the week beginning July 9.

Leading the charge by filing for a US$200m (£151.7 million) deal, larger than the average biotech IPO, is Rubius Therapeutics. Rubius is pioneering a new class of medicines called “red cell therapeutics”.

Fidelity is already on board with 5.3% of the company.

Rubius CEO Pablo Cagnoni sits on the board of gene-editing company CRISPR Therapeutics.

JP Morgan, Morgan Stanley, Jefferies and Leerink Partners are listed as bookrunners.

Allakos (US$75m, gastro diseases), Crinetics Pharmaceuticals (US$86.3m, endocrine disorders), Constellation Pharmaceuticals (US$86.3m, epigenetics/cancer), and Replimune (US$100m, immunotherapy) also filed publicly on the same afternoon. All these deals were previously filed confidentially.

Further underscoring the single-minded flow of IPO filings, Aquestive Therapeutics, a late-stage biotech focused on diseases of the central nervous system, filed for a US$69m IPO on Wednesday.

BMO Capital Markets and RBC Capital Markets are named as joint bookrunners.

This story will appear in the June 30 issue of IFR Magazine

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