Preclinical biotech Passage Bio (PASG) is the only IPO set to price in the coming week.
Passage Bio plans to raise $126 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint, Passage Bio would command a market cap of $713 million. The Pennsylvania-based company was formed by OrbiMed, Frazier Healthcare, and UPenn’s Gene Therapy Program and is developing gene therapies for rare CNS disorders. Passage Bio is very early stage, with its drug candidates not expected to start clinical trials until at least the 2H20, but early stage biotechs have been performing very will this year, averaging an 88.3% return.
In addition, micro-cap Chinese internet education platform Zhongchao (ZCMD) may begin trading.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Passage Bio (PASG) Philadelphia, PA |
$126M $713M |
$16 - $18 7,400,000 |
JP Morgan Goldman |
| Preclinical biotech developing gene therapies for rare CNS disorders. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
Street research is expected for five companies next week. On Monday 2/24: AnPac Bio-Medical Science (ANPC) and Black Diamond Therapeutics (BDTX). On Tuesday 2/25: Arcutis Biotherapeutics (ARQT), Reynolds Consumer Products (REYN), and Beam Therapeutics (BEAM).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/20/20, the Renaissance IPO Index was up 12.8% year-to-date, while the S&P 500 had a gain of 4.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Spotify (SPOT). The Renaissance International IPO Index was up 5.5% year-to-date, while the ACWX was down 1.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Adyen and Meituan-Dianping.
