InMed Pharmaceuticals and Airbnb among upcoming IPOs
Shares of Harmony Biosciences soared as much as 70% on its first day of trading, closing Wednesday up 54% to $37.10. The company had said in federal filings that it plans to use more than half of the IPO proceeds to fund the clinical development of new indications for pitolisant, the active ingredient in Wakix, to treat patients with Prader-Willi syndrome, myotonic dystrophy and pediatric narcolepsy.
Harmony Biosciences (HRMY) opened on August 19 at $39.90. The company had priced 5.3M shares at $24.00, which was above the $20.00-$23.00 range. GSCO, Jefferies and Piper acted as joint book running managers for the offering. Harmony develops therapies for patients with rare neurological disorders who have unmet medical needs. The company's main product Wakix, also known as pitolisant, got FDA approval a year ago to treat excessive daytime sleepiness in adult patients with narcolepsy.
Inhibrx (INBX) opened on August 19 at $22.10. The company had priced 7M shares at $17.00. The deal priced in the middle of the $16.00-$18.00 range. Jefferies, Evercore and Credit Suisse acted as joint book running managers for the offering. Inhibrx is looking to create antibody treatments for a range of cancers, including chondroscarcoma, which affects cartilage-producing cells.
Nano-X Imaging (NNOX) opened on August 21 at $20.34 after having priced 9.17M shares at $18. The deal size was increased to 9.2M shares of common stock from 8.8M shares of common stock and priced at the high-end of the $16.00-$18.00 range. Cantor Fitzgerald, Oppenheimer, Berenberg and CIBC acted as joint book running managers for the offering. Nano-X is developing an improved and less expensive form of medical imaging technology.
Kymera Therapeutics (KYMR) opened on August 21 at $35 per share. The company priced 8.824M shares at $18.00. The deal size was increased to 8.68M shares from 7.36M shares and priced above the $16.00-$18.00 target range. Morgan Stanley, BofA, Cowen and Guggenheim are acting as joint book running managers for the offering. Kymera is a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body's own natural protein degradation system.
Northern Genesis Acquisition (NGA) opened on August 18 at $10. The company had priced its initial public offering of 30M units at $10.00 per unit. Each unit consists of one share of the company's common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on the NYSE under the symbols "NGA" and "NGA WS," respectively. Northern Genesis is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Raymond James and EarlyBirdCapital acted as the joint book running managers for the offering.
One (AONE) opened on August 19 at $10.15. One, a blank check company founded and led by Kevin Hartz, had priced 20M units at a price of $10.00 per unit. Each unit issued in the public offering consists of one class A ordinary share and one-fourth of one redeemable warrant to purchase one class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the class A ordinary shares and redeemable warrants are expected to be listed on the NYSE under the symbols "AONE" and "AONE WS," respectively.
After opening at $39.90, Harmony Biosciences finished the week at $36.00 per share.
Inhibrx finished Friday at $20.43.
Nano-X Imaging ended the week at $21.70.
Kymera Therapeutics ended trading Friday at $33.26.
UPCOMING IPOS: Among the upcoming IPOs are Airbnb, Inhibikase Therapeutics (IKT), InMed Pharmaceuticals (INM), and Broadstone Net Lease (BNL).
Airbnb has announced that it confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.
Inhibikase Therapeutics has filed with the SEC for an initial public offering on the Nasdaq under the symbol "IKT." ThinkEquity is listed as the underwriter. Inhibikase is a clinical stage pharmaceutical company developing therapeutics for Parkinson's disease, and related disorders that arise inside and outside of the brain. The company filed two Investigational New Drug applications with the FDA in the first quarter of 2019 for lead asset candidate, IkT-148009. One IND is for the treatment of Parkinson's disease, while the second is for treatment of gastrointestinal complications that arise as early symptoms of Parkinson's in patients.