Two biotechs, a medical imaging company, and two SPACs are scheduled to go public in the week ahead. Another biotech, Kymera Therapeutics (KYTX), is eligible to launch. While the annual summer slowdown is setting in, the IPO market is still in the midst of its most active August since 2013.

Commercial-stage biotech Harmony Biosciences (HRMY) plans to raise $100 million at a $1.4 billion market cap. The company’s sole marketed product, WAKIX, is the first and only approved product for adult narcolepsy that is not scheduled as a controlled substance, and it has generated $64 million in revenue since its commercial launch in November 2019. Backed by Valor Equity and Fidelity, the company plans to pursue label expansion for WAKIX and target new indications.

Phase 1 biotech Inhibrx (INBX) plans to raise $102 million at a $620 million market cap. This is the company’s second attempt to go public, last filing to raise $75 million in June 2019 before withdrawing in November. Backed by Viking Global, the biotech is primarily targeting oncology indications, with four clinical candidates.

Israeli medical imaging company Nano-X Imaging (NNOX) plans to raise $100 million at a $793 million market cap. Certain insiders and other investors have indicated on $80 million of the IPO. The company plans to provide affordable medical imaging systems through the development a novel X-ray source. Its Nanox.ARC product has not been approved by the FDA, though the company expects to deploy the first generation in the 1H21 if its working prototype is cleared.

SPAC Northern Genesis Acquisition (NGA) plans to raise $300 million to acquire a business with a strong environmental, social, and governance profile. The company’s management team has experience in the energy and utilities sectors and plans to target a variety of industries.

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SPAC Petra Acquisition (PAICU) plans to raise $125 million to acquire a business in the cannabis industry. It is led by CEO and Chairman Andreas Typaldos, who has founded several companies in the technology, software, AI, and lifestyle markets.

U.S. IPO Calendar

Issuer
Business

Deal Size
Market Cap

Price Range
Shares Filed

Top
Bookrunners

Northern Genesis Acq.
Kansas City, MO

$300M
$375M

$10
30,000,000

Raymond James
EarlyBird

Blank check company targeting an environmentally sustainable business.

Harmony Biosciences
Plymouth Meeting, PA

$100M
$1,389M

$20 – $23
4,651,163

Goldman
Jefferies

Commercial stage biotech developing therapies for narcolepsy and other CNS disorders.

Inhibrx
La Jolla, CA

$102M
$620M

$16 – $18
6,000,000

Jefferies
Evercore ISI

Phase 1 biotech developing single domain antibodies for cancer and rare diseases.

Nano-X Imaging
Neve Ilan, Israel

$100M
$793M

$16 – $18
5,882,353

Cantor Fitz.
Oppenheimer

Developing affordable medical imaging systems.

Petra Acquisition
New York, NY

$125M
$156M

$10
12,500,000

LifeSci Capital
Ladenburg

Blank check company targeting a cannabis business.

Street research is expected for seven companies, and lock-up periods will be expiring for two.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/13/20, the Renaissance IPO Index was up 40.6% year-to-date, while the S&P 500 was up 4.4%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (NASDAQ:ZM) and Pinduoduo (NASDAQ:PDD). The Renaissance International IPO Index was up 28.1% year-to-date, while the ACWX was down 3.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Xiaomi.

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Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.



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