Tango Therapeutics’ SPAC merger will infuse the biotech with $353 million to fund clinical trials for its cancer drugs based on synthetic lethality. Tango’s lead program is on track to reach the clinic next year.
The public markets welcomed VectivBio and Reneo Pharmaceuticals, which priced their IPOs late Thursday. Both clinical-stage companies are developing drugs that address rare diseases.
The Achilles Therapeutics IPO comes as several other biotechs make progress developing a type of cancer immunotherapy called a tumor-infiltrating lymphocyte. Clinical-stage Achilles contends its approach could best them all.
Design Therapeutics raised $240 million in the biggest biotech IPO this week. One other rare disease drug developer went public along with two oncology biotechs as the IPO momentum continues.
Prometheus Biosciences is taking a precision medicine approach to developing drugs and diagnostics for inflammatory bowel disease. The IPO cash will fund support its pipeline of IBD drug candidates for specific patient subpopulations.
Phase 2 testing of Cyteir’s lead cancer drug candidate later is slated to start later this year. The Series C round of funding includes crossover investors, whose involvement is a sign a biotech is preparing for an IPO.
Nautilus, among the biotechs developing protein analysis tools for drug discovery and diagnostics, already has a partnership with Genentech. As it prepares to go public, Nautilus aims to do for proteomics what Illumina did for genomics.
The three-year-old digital health startup began trading on the New York Stock Exchange on Thursday. It merged with a subsidiary of Oaktree Capital Management in a deal that valued the company at $1.6 billion.
Despite lower sales, lack of profits and heavy R&D spending, biotech companies that went public between 1997 and 2016 reached similar market caps as non-biotech companies, according to an academic study.
As we look forward to the back half of the year, it’s clear that the desire for companies to commence their IPO process with organizational meetings and bake-offs continues