Alex Philippidis Senior News Editor Genetic Engineering & Biotechnology News

Discover the Companies That Made the Most Millions by Going Public

The truism about biopharma being a global industry has never been truer than when it comes to the top 20 IPOs for the first half of this year.

The U.S. had exactly half of the therapeutic, diagnostics, and tools/tech IPOs that were completed or began trading their first shares on public markets during January-June 2015. The rest of the world accounted for the other half, with Europe being home to seven of the 10 ex-U.S. top IPOs, followed by China, Canada, and Bermuda with one each.

A GEN spot check of IPO websites, press announcements, regulatory filings, and news reports turned up a total 64 IPOs launched or pending as of June 30, with another 13 postponed or withdrawn, and four future IPOs planned or discussed publicly by CEOs, but not filed. Among this year’s Top 20 IPOs, more than half (13) have begun trading since May 1, so 2015 may still yet exceed the 63 launches in 2014, according to EY. A detailed list of the IPOs held in the first half of 2014 can be found here.

Below is a list of the 20 largest biotech IPOs that were completed, or at least began trading shares, as of June 29. Each IPO is listed by name of company, amount raised (usually net proceeds), date of completion, number of shares sold and price per share, trading symbol and market(s) where shares are traded. Listings do not include share conversions carried out as part of IPOs. Non U.S.-money amounts were all converted to U.S. Dollars.

Also not included are pending IPOs that have been filed by companies but have yet to commence trading, as well as IPOs that have been publicly discussed—whether by executives or in news reports—but not yet filed. Many of the pending IPOs would be large enough to warrant inclusion on this list had they been launched. For example, the clinical-stage immunotherapy company Conkwest, started up by Abraxis BioScience founder Patrick Soon-Shiong, M.D., is looking to raise $172 million; while vTv Therapeutics plans a $173 million IPO.


#20. Nordic Nanovector

Amount: $71.3 million (NOK 575 million)

Date: March 23

Shares/Price per share: 17,968,750 shares at NOK 32 ($4)1

Symbol/Market: NANO on Oslo Stock Exchange


#19. Cynapsus Therapeutics

Amount: Approximately $72.5 million in gross proceeds2

Date: June 23

Shares/Price per share: 5,175,000 shares at $143

Symbol/Market: CYNA on NASDAQ Global Market  / CTH on Toronto Stock Exchange


#18. Collegium Pharmaceutical

Amount: Approximately $74.4 million in net proceeds, after deducting underwriting discounts and commissions but prior to deducting expenses payable by the company.

Date: May 12

Shares/Price per share: 6,670,000 shares at $124

Symbol/Market: COLL on NASDAQ Global Select Market


#17. aTyr Pharma

Amount: $76.9 million in net proceeds after deducting underwriting discounts, commissions and estimated offering costs

Date: May 12

Shares/Price per share: 6.164 million shares at $145

Symbol/Market: LIFE on NASDAQ Global Select Market


#16. Flex Pharma

Amount: $79.9 million in net proceeds reflecting underwriting discounts and commissions

Date: February 4

Shares/Price per share: 5,491,191 shares at $16

Symbol/Market: FLKS on NASDAQ Global Market


#15. Nivalis Therapeutics

Amount: $88.55 million in gross proceeds before underwriting commission and discounts and offering expenses.6

Date: June 23

Shares/Price per share: 6.325 million shares at $147

Symbol/Market: NVLS on NASDAQ Global Market


#14. Celyad (formerly Cardio3 BioSciences)

Amount: $100.1 million in gross proceeds (approximately €88.0 million)8

Date: June 24

Shares/Price per share: 1.46 million shares at $68.569,10

Symbol/Market: CYAD on NASDAQ Global Market, as well as on Euronext Brussels and Euronext Paris


#13. Invitae

Amount: $105.8 million in net proceeds after deducting underwriting discounts and commissions of $8.2 million and offering expenses of approximately $2.8 million payable by the company

Date: February 18

Shares/Price per share: 7,302,500 shares at $1611

Symbol/Market: NVTA on New York Stock Exchange


#12. Ascendis Pharma

Amount: Approximately $111.5 million in net proceeds reflecting deduction of underwriting commissions and estimated offering expenses.

Date: February 2

Shares/Price per share: 6.9 million American Depositary Shares (ADSs) at $1812

Symbol/Market: ASND on NASDAQ Global Select Market


#11. Aduro Biotech

Amount: $124.3 million in net proceeds reflecting deduction of the underwriting discount and estimated offering expenses.

Date: April 20

Shares/Price per share: 8.05 million shares at $17

Symbol/Market: ADRO on NASDAQ Global Select Market


#10. Biocartis Group

Amount: $128 million (€115 million) in gross proceeds13

Date: May 19

Shares/Price per share: 9,999,999 shares at €11.5014

Symbol/Market: BCART on Euronext Brussels


#9. Seres Therapeutics

Amount: $133.750 million in gross proceeds prior to any exercise of the over-allotment option15,16

Date: June 2615

Shares/Price per share: 7,430,555 shares at $1816

Symbol/Market: MCRB on NASDAQ Global Select Market


#8. Blueprint Medicines

Amount: $154.2 million in net proceeds after deducting underwriting discounts and commissions and estimated offering costs payable by the company.

Date: May 5

Shares/Price per share: 9,367,708 shares at $1817

Symbol/Market: BPMC on NASDAQ Global Select Market


#7. Spark Therapeutics

Amount: $168.9 million in net proceeds after deducting underwriting discounts and commissions and other offering expenses.

Date: February 4

Shares/Price per share: 8.05 million shares at $2318

Symbol/Market: ONCE on NASDAQ Global Select Market


#6. PureTech Health

Amount: $171.7 million in gross proceeds prior to any exercise of the over-allotment option19,20

Date: June 1919

Shares/Price per share: 67,599,621 shares at 160 pence ($2.54 as of IPO date)20

Symbol/Market: PRTC on London Stock Exchange


#5. Adaptimmune Therapeutics

Amount: $175.7 million in aggregate net proceeds after underwriting discounts and commissions and estimated offering expenses

Date: May 11

Shares/Price per share: 11.25 million shares at $17 per ADS

Symbol/Market: ADAP on NASDAQ Global Select Market


#4. Cellectis

Amount: $213.4 million (€196.8 million) in net proceeds, reflecting the value of the Euro on IPO closing date as $1.0845 dollars, according to European Central Bank data

Date: March 30

Shares/Price per share: 5.5 million American Depositary Shares (ADSs) at $41.50

Symbol/Market: ALCLS on NYSE Alternext; CLLS on NASDAQ Global Market


#3. Galapagos

Amount: $316.7 million in gross proceeds (approximately €278.7 million)21

Date: May 19

Shares/ Price per share: 7,532,499 shares at $42.0522

Symbol/Market: GLPG on NASDAQ Global Select Market, as well as on Euronext Amsterdam and Euronext Brussels 


#2. Axovant Sciences

Amount: $362 million in gross proceeds prior to deducting underwriting discounts and commissions and estimated offering expenses payable by company23

Date: June 16

Shares/Price per share: 24.15 million shares at $1524

Symbol/Market: AXON on New York Stock Exchange


#1. 3SBio

Amount: $534 million in net proceeds after deducting underwriting fees and estimated expenses in connection with the offering

Date: June 24

Shares/Price per share: 853,052,440 shares at HK$9.10 ($1.17)25

Symbol/Market: 1530 on Hong Kong Exchange






















1 Includes NOK 75 million ($9.6 million) raised through sale in April of full over-allotment of 2,343,750 shares, sold at the public offering price of NOK 32 ($4).
2 At deadline, company had yet to disclose net proceeds
3 Includes 675,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares
4 Includes 870,000 shares of common stock upon the exercise by the underwriters of their option to purchase additional shares at the public offering price.
5 Includes 804,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares
6 At deadline, company had yet to disclose net proceeds
7 Includes 825,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares
8 At deadline, company had not disclosed net proceeds from the IPO.
9 Shares consisted of 1.168 million American Depositary Shares (ADSs) that traded at $68.56 before underwriting discounts on NASDAQ Global Market; and a concurrent private placement of 292,000 common shares that traded at €60.25 per share ($68.56 based on an exchange rate of $ 1.1380 per Euro) before underwriting discounts on Euronext Brussels and Euronext Paris
10 Celyad has granted the underwriters an option to purchase up to an additional 175,200 new ordinary shares in the form of ADSs and an option to buy up to an additional 43,800 new ordinary shares, representing 15% of the ordinary shares and ADSs placed in the global offering. This option can be exercised during the 30-day period that began on June 18.
11 Includes 952,500 shares sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares of common stock.
12 Includes the exercise in full by the underwriters of their option to purchase 900,000 additional ADSs
13 At deadline, company had not disclosed net proceeds from the IPO.
14 Includes 1,304,347 additional new shares at €11.50 per share to cover over-allotments or short positions, if any, in connection with the offering
15 Reflects first day of trading; IPO had yet to close at deadline
16 In addition, company granted the underwriters a 30-day option to purchase up to an additional 1,114,583 shares of common stock from the company at the public offering price.
17 Includes 1,221,874 shares of common stock sold by the company pursuant to the full exercise of an option to purchase additional shares granted to the underwriters in connection with the offering.
18 Includes 1.05 million shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares at the public offering price.
19 Reflects first day of trading; IPO had yet to close at deadline
20 Does not include another 10 million shares that underwriters have the option to purchase
21 At deadline, company had not disclosed net proceeds from the IPO.
22 IPO consisted of an underwritten public offering of 5,746,000 American Depositary Shares (ADSs) at $42.05 per ADS, before underwriting discounts, and a concurrent European private placement of 1,786,499 ordinary shares at €37.00 per share, before underwriting discounts. Includes the full exercise of the underwriters’ option to purchase additional shares.
23 At deadline, company had not disclosed net proceeds from the IPO.
24 Includes 3.15 million common shares sold pursuant to the full exercise of the underwriters' previously granted option to purchase additional common shares.
25 Includes 90.915 million common shares sold at HK$9.10 ($1.17) pursuant to the full exercise of the underwriters' over-allotment option on June 24

 

 

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