Biotechs are back as another early stage biotech, Keros Therapeutics (KROS), plans to take on the IPO market in the week ahead, following last week's successful debut of Zentalis Pharmaceuticals (ZNTL).
Keros Therapeutics, a Phase 1 biotech developing novel treatments for hematological and musculoskeletal disorders, plans to raise $75 million at a $290 million fully diluted market cap. The company’s lead candidate, KER-050, is expected to begin a Phase 2 clinical trial for low blood cell count disorders in patients with myelodysplastic syndromes and myelofibrosis. The company’s pipeline also contains clinical candidate KER-047, which is in Phase 1 trials for anemia and fibrodysplasia ossificans progressiva, and two preclinical candidates. Keros has raised nearly $78 million to date from VCs including Pontifax Venture Capital and Arkin Bio Ventures, most recently raising $56 million last month.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Keros Therapeutics (KROS) Lexington, MA |
$75M $290M |
$14 - $16 5,000,000 |
Jefferies Leerink |
| Phase 1 biotech developing therapies for blood and musculoskeletal disorders. | |||
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Street research is expected for Imara (IMRA) on Monday, 4/6. The rare disease biotech’s post-IPO filings revealed significant insider buying on the deal. Lock-ups will be expiring for BioNTech (BNTX) on Tuesday, 4/7, and for HBT Financial (HBT) and Vir Biotechnology (VIR) on Wednesday, 4/8.
Renaissance Capital released its Quarterly Reviews for the US and Global IPO markets, as well as other quarter-end content. See below for links to our reviews:
• 1Q20 US IPO Review
• The 1Q20 IPO Market’s most active venture capital firms
• How did Private Equity perform in the 1Q20 IPO Market?
• The 1Q20 IPO Market’s Law Firm Leaderboard
• 1Q20 IPO rankings for the Big Four accounting firms
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/2/20, the Renaissance IPO Index was down 21.0% year-to-date, while the S&P 500 was down 21.8%. 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 down 13.5% 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 Meituan-Dianping and Adyen.
