Eikon, Veradermics close IPOs, as Salspera joins queue
Eikon Therapeutics has raised $381 million from its IPO, at the top end of its expectations, in another sign of a pickup in appetite for new biotech listings on the Nasdaq.
The South San Francisco start-up – led by former MSD head of R&D Roger Perlmutter – sold 21.2 million shares in the company at $18 apiece, making its debut on the exchange under the EIKN symbol.
Eikon had originally planned to offer 17.6 million shares at between $16 and $18 per share. Trading in the stock is scheduled to start after the exchange opens today, and its valuation is expected to be in the region of $1 billion.
The company's most advanced candidate is EIK1001, an in-licensed TLR 7/8 dual agonist in phase 2/3 testing for advanced melanoma and stage 4 non-small cell lung cancer (NSCLC) in combination with MSD's checkpoint inhibitor Keytruda (pembrolizumab). Initial results in both indications are expected to be available later this year, and Eikon also has two PARP inhibitors in early-stage testing.
Veradermics raises $256m
New Haven, Connecticut-based Veradermics, which is developing a hair loss therapy, raised $256 million from the sale of 15.1 million shares at $17, well above its initial intention to offer 13.4 million at a range of $14 to $16.
That has resulted in a valuation of $606 million, a fifth higher than anticipated, with Eli Lilly taking a near 5% stake in the company, which is trading on the Nasdaq under the MANE symbol. Shares shot up more than 120% after the debut, reaching $37.75, but lost a little ground in after-hours trading.
Veradermics is running a phase 3 trial of an oral, non-hormonal extended-release formulation of minoxidil (VDPHL01) to treat male and female pattern hair loss, which affects approximately 50 million men and 30 million women in the US.
Salspera files with $85m placeholder
Salspera, a clinical-stage biotech focusing on the development of live microbial immunotherapies for cancer, has submitted a plan to raise up to $85 million from a Nasdaq listing under the TKVA symbol, according to Renaissance Capital.
The Cambridge, Massachusetts-based company was founded in 2017 and is developing microorganisms that are genetically modified to express anti-cancer agents. Its lead project, Saltikva, is a live, attenuated strain of Salmonella typhimurium expressing IL-2 that is dosed orally and designed to raise the concentrations of cancer-fighting immune cells in the blood and tumour microenvironment.
Phase 2 results in advanced pancreatic cancer were presented at last year's ASCO cancer congress, and the live biopharmaceutical has also won orphan drug status from the FDA for pancreatic cancer and osteosarcoma, and a fast-track designation in pancreatic cancer.
