US IPO Weekly Recap: Biotechs flood the IPO market in a 14 IPO week

The IPO market had its busiest week yet this year with 14 IPOs raising $3.9 billion and 27 SPACs raising $9.2 billion. The IPO pipeline remained active as well, with 3 IPOs and 38 SPACs submitting initial filings.

TELUS International (TIXT) upsized and priced at the high end to raise $925 million at a $6.6 billion market cap. The company provides outsourced IT, end-to-end customer experience and digital technology solutions and services to over 600 global companies. Despite being highly profitable and fast growing, a significant portion of 2019 revenue was reliant on parent company TELUS Corp and Google. TELUS finished up 26%.

Cell therapy biotech Sana Biotechnology (SANA) upsized and priced above the range to raise $588 million at a $4.9 billion market cap, making it the largest preclinical biotech IPO ever. Led by former Juno Therapeutics executives, Sana is developing cell engineering therapies for oncology, diabetes, central nervous system (CNS) disorders, cardiovascular diseases, and genetic diseases. Sana Biotech finished up 57%.

German chemicals group Atotech (ATC) downsized and priced below the range to raise $498 million at a $3.3 billion market cap. This specialty chemical provider offers electroplating solutions for circuit boards and general metal finishing for primarily auto, smartphones, and data infrastructure. Atotech has resilient margins and strong cash flow generation, though it is leveraged post-IPO. Atotech finished up 12%.

Virtual communication platform ON24 (ONTF) priced at the high end of the range to raise $428 million at a $2.8 billion market cap. This cloud-based marketing platform offers over 1,900 B2B companies the ability to produce webinars, virtual events and multimedia content. Operating in a highly competitive market, the company saw revenue growth accelerate in the 9mo20. ON24 finished up 38%.

UK-based biotech Immunocore (IMCR) upsized and priced above the range to raise $258 million at a $1.1 billion market cap. Immunocore is developing targeted, off-the-shelf, bispecific T cell receptor therapies for oncology, infectious diseases, and autoimmune diseases. Interim Phase 3 analysis for its lead candidate showed overall survival benefit, and the company plans to submit a BLA in the 3Q21. Immunocore finished up 66%.

Solid tumor biotech Bolt Biotherapeutics (BOLT) further upsized and priced above the upwardly revised range to raise $230 million at a $757 million market cap. This clinical-stage biotech is developing immunotherapies that target tumor cells. Its lead candidate is currently in a Phase 1/2 trial for the treatment of patients with HER2-expressing solid tumors, and the company expects to move into Phase 2 dose expansions in 2021. Bolt finished up 61%.

The week’s best performer, cell therapy biotech Vor Biopharma (VOR) upsized and priced at the high end to raise $177 million at a $711 million market cap. This preclinical biotech is developing engineered hematopoietic stem cells (eHSC) to target cancer cells more specifically by avoiding the toxicities that limited traditional targeted therapies. Vor plans to begin first-in-human trials for its lead eHSC candidate in the 1H21. Vor finished up 108%.

Dutch rare disease biotech Pharvaris (PHVS) upsized and priced above the range to raise $165 million at a $668 million market cap. This Phase 1 biotech is developing oral small molecule therapies for rare diseases, initially angioedema and other bradykinin-mediated diseases. Pharvaris finished up 45%. 

COVID-19 test kit developer Lucira Health (LHDX) upsized and priced at the high end to raise $153 million at a $705 million market cap. The company develops at home molecular COVID-19 nasal swab tests. It received an EUA from the FDA in November 2020, and it expects to launch sales imminently. The company is also developing testing kits for the flu and other infectious diseases. Lucira finished up 47%. 

Sensei Biotherapeutics (SNSE) upsized and priced above the range to raise $133 million at a $591 million market cap. This biotech is using its ImmunoPhage platform to identify and use bacteriophages as immunotherapies for the treatment of cancer. Its lead candidate is in a Phase 1/2 trial for the treatment of squamous cell carcinoma. Sensei Biotherapeutics finished up 18%. 

NASH biotech Terns Pharmaceuticals (TERN) upsized and priced at the high end to raise $128 million at a $430 million market cap. This Phase 2 biotech is developing small molecule therapies for NASH and other chronic liver diseases. Its lead candidate has demonstrated sustained liver FXR activation and was tolerated favorably in Phase 1 clinical trials. Terns finished up 8%.

Autoimmune biotech Landos Biopharma (LABP) priced at the midpoint to raise $100 million at a $650 million market cap. Landos is developing oral small molecule therapies for autoimmune diseases, starting with ulcerative colitis and Crohn’s disease. Its lead candidate is expected to enter a Phase 3 trial for UC and a Phase 2 trial for CD in the 1H21. Landos finished down 31%.

Angion Biomedica (ANGN) priced at the high end to raise $80 million at a $512 million market cap. This biotech is developing small molecule therapies for acute organ injuries and fibrotic diseases. Its lead candidate is a hepatocyte growth factor and is currently in a Phase 3 registrational for kidney-related illnesses. Angion Biomedica finished up 6%. 

Danish biotech Evaxion Biotech (EVAX) upsized and priced at the low end to raise $30 million at a $214 million market cap. This clinical-stage biotech uses its AI-driven platforms to identify and develop immunotherapies for cancers, bacterial diseases and viral infections. Evaxion’s two lead candidates are in Phase 1/2a trials. Evaxion Biotech finished down 1%.

27 blank check companies raised $9.2 billion this past week. The group was led by Starwood Capital founder Barry Sternlicht’s third SPAC Jaws Mustang Acquisition (JWSM.U), which raised $900 million to acquire a business in North America and/or Europe.

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3 IPOs and 38 SPACs submitted initial filings this past week. Health insurer Oscar Health (OSCR) filed to raise $100 million. Glucose monitoring device developer Movano (MOVE) filed to raise $41 million, and hydroponic equipment supplier iPower (IPW) filed to raise $20 million. 

38 SPACs submitted initial filings led by KKR and former Gap CEO Glenn Murphy’s KKR Acquisition I (KAHC.U), which filed to raise $1 billion, and Bancorp-led FTAC Hera Acquisition (HERAU), which filed to raise $750 million.


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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/4/2021, the Renaissance IPO Index was up 12.5% year-to-date, while the S&P 500 was up 3.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Peloton Interactive (PTON). The Renaissance International IPO Index was up 6.6% year-to-date, while the ACWX was up 3.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Smoore International.