Shares of Royalty Pharma jumped over 50% above their initial public offering price of $28 on Tuesday in the biggest IPO to date in 2020.
LATEST IPOS:
Royalty Pharma (RPRX) opened on June 16 at $44. The company had priced 77.7M shares at $28.00. The deal size was increased to 77.7M shares of common stock from 70M shares of common stock and priced at the high-end of the $25.00-$28.00 range. JPMorgan, Morgan Stanley, BofA, Goldman Sachs, Citi and UBS acted as joint book running managers for the offering. Royalty Pharma acquires royalty rights in drugs from the research institutions that developed them and also invests in clinical trials for new treatments.
VerifyMe (VRME) opened on June 18 at $3.48. The company had priced 2,173,913 units at a price to the public of $4.60 per unit. VerifyMe is a technology solutions provider specializing in counterfeit prevention.
Repare Therapeutics (RPTX) opened on June 19 at $32.05. Repare Therapeutics (RPTX) priced 11M shares at $20.00. The deal size was increased to 11M shares of common stock from 7.4M shares of common stock and priced at the high-end of the revised $18.00-$20.00 range Morgan Stanley, Goldman Sachs, Cowen and Piper Sandler acted as joint book running managers for the offering. Repare Therapeutics develops precision oncology treatments based on synthetic lethality. The company uses its genome-wide, CRISPR-enabled SNIPRx platform to develop targeted cancer therapies focused on genomic instability, including DNA damage repair.
Progenity (PROG) opened on June 19 at $15.11. The company had priced 6.667M shares at $15.00. Piper Sandler and Wells Fargo acted as joint book running managers for the offering. Progenity is a molecular testing services provider with a lineup that consists of a non-invasive prenatal test for fetal chromosomal disorders, an expanded carrier screen for genetic diseases, a hereditary cancer screen, a prenatal test for monogenic disease and a portfolio of anatomic and molecular pathology tests.
Forma Therapeutics (FMTX) opened on June 19 at $40. The company had priced 13.88M shares at $20.00. The deal size increased from 11.8M shares and priced above the $16.00-$18.00 target range. Jefferies, SVB Leerink and Credit Suisse are acting as joint book running managers for the offering. Forma is developing a pipeline of treatment candidates for various blood and cancer diseases.
Genetron Holdings (GTH) opened on June 19 at $16.15. The company had priced 16M shares at $16.00, above the $11.50-$13.50 range. Credit Suisse and CICC acted as joint book running managers for the offering. Genetron is a precision oncology company in China that specializes in cancer molecular profiling.
PERFORMANCE:
- Royalty Pharma ended the week at $49.
- After opening at $3.48 on Thursday, VerifyMe finished Friday at $3.95.
- Repare Therapeutics ended the week at $30.80 after opening at $32.05.
- Progenity finished Friday at $13.12.
- Forma Therapeutics ended its first trading day at $39.
- After opening at $16.15, Genetron Holdings finished Friday at $16.
UPCOMING IPOS: Among the upcoming IPOs are Juniper Wellness (JUPW), BlueCity Holdings (BLCT) and Nkarta (NKTX).
Nkarta Therapeutics is a biopharmaceutical company focused on the discovery, development and commercialization of allogeneic, off-the-shelf engineered natural killer, or NK, cell therapies to treat cancer.
Juniper Wellness provides acupuncture, herbal medicine and labor doula services.
BlueCity Holdings is an online LGBTQ community and dating platform in China.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
