Updated on Monday, April 20, 2020.
One biotech IPO is scheduled for the week ahead, and pipeline activity indicates that a few more may be on the way.
ORIC Pharmaceuticals (ORIC), a Phase 1 biotech developing small molecule therapies for treatment resistant cancers, plans to raise $75 million at a $424 million market cap. The company's lead candidate ORIC-101 is an antagonist of the glucocorticoid receptor (GR), a hormone receptor that has been associated with therapy resistance across a variety of solid tumors and entered into Phase 1b trials in 2019. ORIC Pharmaceuticals (ORIC) is pricing on 4/23.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| ORIC Pharmaceuticals (ORIC) South San Francisco, CA |
$75M $424M |
$14 - $16 5,000,000 |
JP Morgan Citi |
| Phase 1 biotech developing small molecule therapies for treatment-resistant cancers. | |||
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Three out of the four IPOs since the second week of March have been biotechs, the sole exception being Chinese AR software company Wimi Hologram Cloud (WIMI). Oncology biotech Lantern Pharma’s (LTRN) initial filing suggests that biotechs will continue to push through the challenging market conditions.
Grocery giant Albertsons Companies (ACI) is in a unique position and a prime candidate for a potential spring IPO. Since its previous attempt to go public in 2015, the company has de-levered significantly, accelerated same-store sales growth over the last several quarters, and its peers have held their ground in the market selloff.
In the week ahead, lock-up periods will expire for several companies. On Tuesday, 4/21: BRP Group (BRP). On Wednesday, 4/22: Aesthetic Medical International (AIH), Cabaletta Bio (CABA), Phathom Pharmaceuticals (PHAT), Progyny (PGNY), TFF Pharmaceuticals (TFFP), and Youdao (DAO). On Thursday, 4/23: Happiness Biotech (HAPP).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/16/20, the Renaissance IPO Index was down 8.0% year-to-date, while the S&P 500 was down 13.3%. 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 8.0% year-to-date, while the ACWX was down 21.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.
