Neumora Therapeutics and RayzeBio on Monday each set terms for their initial public offerings (IPOs), saying they hope to raise roughly $264.8 million and $238.2 million, respectively. The momentum in biotech IPOs has experienced a slowdown since 2021, but the pricing of Neumora and RayzeBio's offerings may signal that the market is gradually recovering.
Neumora, which is focused on treating brain diseases, said it is offering 14.7 million shares in the IPO, which is expected to price between $16 and $18 a share. Proceeds from the IPO, coupled with its current resources, will be sufficient to meet its working-capital and capital-spending needs for at least the next 30 months, it added.
The company made its debut in 2021, backed by over $500 million in capital, including a $100-million equity investment from Amgen. Last year, it picked up another $112 million in Series B financing, to advance a pipeline of candidates targeting a range of neuropsychiatric disorders and neurodegenerative diseases.
Meanwhile, a total of 14.4 million shares will be offered in RayzeBio's IPO, which is expected to price between $16 and $18 apiece. The company has a pipeline of radiopharmaceutical therapeutics, including the lead programme RYZ101, which is designed to deliver the radioisotope Actinium-225 to tumours expressing SSTR2. The therapy is currently being evaluated in the Phase III ACTION-1 study in patients with SSTR+gastroenteropancreatic neuroendocrine tumours who have progressed following prior Lutetium-177-labelled somatostatin analogue therapy.
RayzeBio is also developing RYZ801 and RYZ811, a pair of radiopharmaceuticals that target GPC3, for the potential treatment of hepatocellular carcinoma.
For more, see Spotlight On: Late-stage biotechs join IPO queue.
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