A Look at 6—Count ‘em, 6!—Biotech IPOs This Week


It’s a super-busy week for biotech initial public offerings (IPOs) with six companies raking in a total of around $568 million. Here’s a look.

#1.Eidos Therapeutics (EIDX).The San Francisco-based company raised about $106 million on its first day of trading. It is majority-owned by Palo Alto-based BridgeBio Pharma. The company focuses on developing treatments for diseases caused by transthyretin, or TTR, amyloidosis, or ATTR. On May 3, it dosed its first patient in a Phase II clinical trial to test AG10 in patients with ATTR cardiomyopathy.

#2. Magenta Therapeutics (MGTA).Based in Cambridge, Massachusetts, Magenta raised $100 million from the sale of 6,666,667 shares at $15 per share. The company focuses on developing therapeutics for bone marrow transplant patients with autoimmune diseases, blood cancers and genetic diseases. On April 9, the company closed on a $52 million Series C financing. The funds raised will be used to advanced its portfolio of novel therapeutics that target bone marrow transplant conditioning programs, stem cell mobilization and stem cell expansion programs. Its most advanced clinical program candidate is MGTA-456, a cell therapy currently in a Phase II clinical trial in patients with inherited metabolic diseases. MGTA-456 expands the number of stem cells contained in cord blood.

#3. AvroBio (AVRO).Also headquartered in Cambridge, Massachusetts, Avrobio brought in $99.7 million in its IPO. In February, the company closed on a $60 million Series B financing to fund its proprietary lentiviral platform, including its lead gene therapy, AVR-RD-01, in Fabry disease.

#4.Aptinyx (APTX). Located in Evanston, Illinois, Aptinyx focuses on discovering and developing therapies for disorders of the brain and nervous system. The company was spun out of a predecessor company, Naurexas part of its acquisition by Allergan, in 2015. Allergan mostly wanted Naurex’s lead NMDA receptor modulators for depression. But the company had a lot of experience with two peptides, rapastinel and apimostinel, and built an extensive chemistry platform around them. Naurex spun out that platform into Aptinyx. The company’s IPO raised $102.4 million.

#5. Kezar Life Sciences (KZR).Headquartered in South San Francisco, Kezar’s IPO raised $75 million. The company has a pipeline of autoimmune drugs. It was spun out of Amgen's subsidiary, Onyx, in June 2015. In January 2016, it incorporated its wholly owned Australian subsidiary, Kezar Life Sciences Australia. In May, the company brought on Niti Goel as chief medical officer and Marc Belsky as chief financial officer. Goel was formerly vice president of Strategic Drug Development at IQVIA. Belsky was most recently senior vice president and chief financial officer of Five Prime Therapeutics. The company’s lead product candidate is KZR-616, a first-in-class selective immunoproteasome inhibitor that is in a Phase Ib/II clinical trial for lupus and lupus nephritis.

#6.Xeris Pharmaceuticals (XERS). Located in Chicago, Xeris’ technology platforms are designed to develop and commercialize ready-to-use injectable and infusible drug formulations. The company’s IPO raised $85.5 million at $15 per share. The company is planning to launch a glucagon pen for diabetes patients. Its pipeline includes post-bariatric hypoglycemia and congenital hyperinsulinism. In March, it closed on a Series C equity financing totaling $10 million, while simultaneously entering into a $45 million Term Loan and Securities Agreement with Silicon Valley Bank and Oxford Finance.

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