The initial public offering (IPO) market is red hot to start the summer, with 16 traditional IPOs raising nearly $2.6 billion and six special purpose acquisition companies (SPAC) going public last week.
In the largest deal of the week, Lyell Immunopharma, Inc. (LYEL ) raised $425 million by pricing its shares at its midpoint. The biotech plans to submit multiple Investigatie New Drug (IND) forms to the U.S. Food and Drug Administration from its broad pipeline next year. The stock ended the week down 5%.
In the best performance of the week, Verve Therapeutics, Inc. (VERV ) finished up 100% after pricing its upsized offering above its projected range to raise $267 million. The biotech's lead candidate is designed to be a single-course gene editing for the treatment of hypercholesterolemia. The company has initiated IND-enabling studies and plans to submit an IND in 2022.
Here's the rest of the week's debuts:
WalkMe Ltd. (WKME ) priced its shares above its midpoint to raise $287 million. The Israeli customer engagement and business insight platfrom had roughly 2,000 customers as of March 31, including 155 of the Fortune 500. This stock finished the week down 6%.
AiHuiShou International Co. Ltd. (RERE ) priced its shares at its midpoint to raise $227 million. The company operates Paijitang Marketplace, which is China's leading business-to-business marketplace for trading electronic products and services, and Paipai Marketplace, a preowned products marketplace. The stock ended the week up 23%.
ATAI Life Sciences B.V. (ATAI ) priced its upsized offering at the high end of its range to raise $225 million. The German psychedelics start-up is currently developing 10 programs for mental health indications. The stock finished up 30%.
Century Therapeutics, Inc. (IPSC ) priced its shares at the high end to raise $211 million. The stem cell focused biotech expects to file an IND for its lead candidate in mid-2022, targeting CD19 for lymphoma. The stock ended the week up 14%.
Convey Holding Parent, Inc. (CNVY ) priced shares at the low end to raise $187 million. The Medicare solutions provider finished the week down 13%.
Angel Oak Mortgage, Inc. (AOMR ) priced its downsized offering below its range to raise $137 million. The mortgage REIT's portfolio is primarily comprised of first lien loans made to higher-quality, non-qualified mortgage borrowers. The stock finished down 4%.
Cyteir Therapeutics, Inc. (CYT ) priced its shares at the high end to raise more than $133 million. The oncology-focused biotech's lead candidate is a novel, oral small molecule inhibitor of homologous recombination, which is currently in a Phase 1/2 trial in adult patients with hematologic malignancies and solid tumors. The stock ended the week down 3%.
Tremor International Ltd. (TRMR ) raised nearly $129 million in its debut. The Israeli adtech platfrom enables advertisers and publishers to reach relevant audiences and maximize the impact of inventory. The stock finished the week down 6%.
Ambrx Biopharma Inc. (AMAM ) priced its shares at the midpoint to raise $126 million. The biotech's lead candidate is an antibody-drug conjugate currently being studied in breast, gastric and other solid tumors. The stock ended the week down 2%.
Codex DNA, Inc. (DNAY ) priced its shares at the high end to raise $107 million. The synthetic biology solutions provider addresses the bottlenecks across the multi-step process of building DNA and messengerRNA. The stock finished the week up 16%.
Molecular Partners AG (MOLN ) raised nearly $64 million in its debut. The biotech uses its proprietary molecular platform to create product candidates with multiple mechanisms of actions, and currently has development partners with Novartis (NVS ), Amgen (AMGN ) and AbbVie (ABBV ). The stock ended the week down 9%.
Femasys Inc. (FEMY ) priced its shares at the midpoint of its range to raise more than $34 million. The women's health medical device developer is focused on transforming women's healthcare by developing novel solutions and next-generation advancements to address underserved areas, including permanent birth control and infertility treatments. The stock ended the week down 8%.
iSpecimen Inc. (ISPC ) priced its offering at the low end of its range to raise $18 million. The biospecimen marketplace aims to improve life science research. The stock finished the week down 6%.
Alzamend Neuro, Inc. (ALZN ) raised $12.5 million in its debut. The Alzheimer's focused biotech plans to submit an IND by the end of the second quarter. The stock ended the week up 81%.