Biopharma Companies Flood Nasdaq’s IPO Pipeline in February

Nasdaq welcomed 86 public offerings this month, out of which 18 were biotechnology and pharmaceutical companies, including Sana Biotechnology, which became the second-biggest biotechnology public offering in the U.S. It follows behind Moderna Therapeutics, which listed on Nasdaq in 2018 and became the largest biotechnology initial public offering (IPO) after raising over $600 million.

The flurry of biopharma companies to the public equity markets comes as the search for coronavirus-related innovation in treatments and vaccines has led to increased public and investor interest in the industry. In 2020, the biopharma IPO flood reached new heights, when 88 companies listed on Nasdaq.

The new biopharma names that joined Nasdaq in February include: Decibel Therapeutics, NexImmune, Adagene, Bioventus, Biophytis, Vallon Pharmaceuticals, Virpax Pharmaceuticals, Vor Biopharma, Sensei Biotherapeutics, Pharvaris, Angion Biomedica, Bolt Biotherapeutics, Sana Biotechnology, Landos Biopharma and Evaxion Biotech.

This month, Nasdaq also welcomed history-making names like Bumble. The female-first dating app’s Founder and CEO Whitney Wolfe Herd became the youngest female CEO of a public company and also the world's youngest self-made female billionaire.   

Out of all the new public listings in February, which raised $21.9 billion, 59 were special-purpose acquisition companies (SPACs), 27 were operating companies and 2 were switches.  

Below we highlight a couple of notable biopharma companies that joined Nasdaq in February:

Sana Biotechnology (SANA) 

The cell and gene therapy developer, which is led by former Juno Therapeutics executives, offered 23.5 million shares at a price of $25 each, up from its estimated range of $23 and $24. The Seattle-based company’s shares spiked around 40% on its opening day and the company raised around $587.5 million.  

Bolt Biotherapeutics (BOLT) 

The cancer treating drug developer’s shares surged around 61% in its debut, generating $230 million. The California-based company sold 11.5 million shares at $20 each, up from its targeted range of $18 and $19.  

Vor Biopharma (VOR) 

Shares of the cell therapy company more than doubled when it began trading. The Massachusetts-based company raised $177 million, after selling 9.8 million shares at a price of $18 a piece, the high end of the range of $16 to $18.  

Pharvaris (PHVS) 

The rare disease biotech sold 8.27 million shares at $20 a piece, above its anticipated range of $17 and $19. The Netherlands-based company raised $165.4 million and its stock soared by 45% in its debut.  

Adagene (ADAG) 

The China-based cancer biotech priced its IPO at $19 a piece, the top of its $17 to $19 targeted range, and offered 7.35 million shares. Its shares popped around 58% on its first day of trading and it generated around $139.7 million.  

Over the past year, there has been a rise in the number of IPOs. The boost has been mainly credited to the surge of SPACS, which have provided smaller companies a path to go public, Jeff Thomas, senior vice president and head of Western U.S. Listings and Capital Markets at Nasdaq noted in a recent panel discussion at the SEC’s Small Business Capital Formation Advisory Committee meeting. 

The IPO momentum comes as Nasdaq celebrates its 50th anniversary. Nasdaq was first known as the exchange that mainly attracted smaller companies in the technology and growth-oriented space. Today, a diverse range of companies across industries list on Nasdaq. Just last year, Nasdaq welcomed 316 IPOS in the U.S., which included big names like Airbnb, Warner Music Group, GoodRx and Royalty Pharma. In 2020, IPOs on Nasdaq raised more capital than on any U.S. exchange.

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