The post-Labor Day IPO calendar picked up where the pre-holiday calendar left off in mid-August. Blank checks and health-care IPOs are in play.
Last week, a couple of “blank check” offerings were priced and traded, but more on those later. Let’s return to the final days of the August IPO calendar.
A Look Back at August
Benitec Biopharma (BNTC) was the last “IPO” to get out the door before the Labor Day break, according to the U.S. Securities and Exchange Commission filings. On Aug. 17, 2015, the company offered 1.5 million American Depositary Shares at US$9.21 each. The ADSs started trading on the NASDAQ on Aug. 18.
Benitec is an Australian clinical-stage biotechnology company engaged in developing treatments for chronic and life-threatening conditions such as hepatitis C and age-related macular degeneration, a leading cause of blindness in people age 65 and up.
Note: The deal was a transplant. Its ordinary shares have been listed on the Australian Securities Exchange since 2011. Even though its prospectus called the offering an “IPO,” investors could have bought shares in Sydney ahead of its U.S. pricing.
This week’s calendar has another health-care “IPO” that is also a transplant, but more on this later.
For those who do not count transplants as true IPOs, then the last pre-Labor Day offering was a “blank check” offering:
Gores Holdings (GTSHU) priced 35 million units at $10 each on Aug. 13 to trade the following morning.
“Blank Checks” in September
Surprise, surprise, while people were looking to this week – Sept. 14 – as the kick-off for IPOs post-Labor Day, another two “blank check” offerings got out the door: Pace Holdings (PACEU) and Double Eagle Acquisition (EAGLU). Both offered 40 million units at $10 each. Pace started trading Thursday morning, Sept. 10, and Double Eagle on Friday morning, Sept. 11.
A Handful of Health-Care IPOs
And now let’s move on to the future.
This week’s calendar has three or four health-care offerings. Three are new faces and the other is, yes, a transplant.
New IPO Faces:
Nabriva Therapeutics AG (NBRV – proposed), based in Vienna, Austria, is a clinical-stage biopharmaceutical company engaged in the research and development of novel anti-infective agents to treat serious infections, with a focus on the pleuromutilin class of antibiotics. Founded in 2005, the company is developing intravenous and oral formulations of lefamulin to treat community-acquired bacterial pneumonia.
Bankers expect to offer 6 million American Depositary Shares at $15 to $17 each. They are expected to trade on The NASDAQ Global Market on Friday morning, Sept. 18, 2015.
(For more information, please click here: Nabriva Therapeutics AG)
Penumbra (PEN – proposed), based in Alameda, California, is a specialty interventional therapies company that develops innovative medical devices to treat challenging medical conditions with significant unmet clinical needs. Founded in 2004, the company has over 1,000 employees with sales operations in North America, Europe, Australia and Asia.
Bankers expect to offer 3.8 million shares at $25 to $28 each. They are expected to trade on The New York Stock Exchange on Friday morning, Sept. 18, 2015.
(For more information, please click here: Penumbra)
REGENXBIO (RGNX – proposed), based in Rockville, Maryland, is a biotechnology company focused on recombinant adeno-associated virus (AAV) gene therapy. Founded in 2008, the company’s NAV Technology Platform, a proprietary AAV gene delivery platform, consists of exclusive rights to more than 100 novel AAV vectors, including AAV7, AAV8, AAV9 and AAVrh10.
Bankers expect to offer 3.6 million shares at $17 to $19 each. They are expected to trade on The NASDAQ Global Market on Thursday morning, Sept. 17, 2015.
(For more information, please click here: REGENXBIO)
And the Transplant
Oasmia Pharmaceutical AB (OASM – proposed), based in Uppsala, Sweden, is a pharmaceutical company focused on innovative treatments within human and animal oncology. Founded in 1999, the company has four human oncology product candidates in pre-clinical and/or clinical development, and two veterinary oncology product candidates.
Bankers expect to offer $23 million worth of American Depositary Shares at US$5.25 to US$8.25. They are expected to trade on The NASDAQ Global Market mid-week in the week of Sept. 14, 2015.
Note: The deal is a transplant. Its ordinary shares have been listed on the NASDAQ Stockholm since 2010 and on the Frankfurt Stock Exchange since 2011. Even though its prospectus called the offering an “IPO,” investors can buy shares in Stockholm and/or Frankfurt ahead of its U.S. pricing.
(For more information, please click here: Oasmia Pharmaceutical AB)
At press time, there were no IPOs on next week’s calendar, but it is early, and anything can happen.
Stay tuned.
Disclosure: Neither the author nor anyone else on the IPOScoop.com staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and IPOScoop.com staff do not issue advice, recommendations or opinions.