Investing

4 Biotech IPOs Lead Weekly Calendar

Paul Ausick

Only two companies were able to complete planned initial public offerings (IPOs) last week. Combined the two raised a total of $347 million, but neither was able to generate much excitement.

National Storage Affiliates Trust (NYSE: NSA) raised $260 million, but priced at $13, below the expected range of $15 to $17. Shares closed at $13.08 on the stock’s first day of trading after rising to a high of $13.52. Apigee Corp. (NASDAQ: APIC) raised $87 million and shares went out at $17, the mid-point of the expected range, and closed down 2% on its first day of trading.

The third IPO scheduled for last week was Viking Therapeutics Inc., which delayed its scheduled IPO until the coming week.

IPO ETF manager Renaissance Capital reported that 45 IPOs have priced in the U.S. so far this year, down 52% from a year ago. Total proceeds raised through April 17th 2015 equaled $7.2 billion, down 61% compared with the same period in 2014. Of the 45 IPOs that have gone off this year, 20 have come from the healthcare sector. Last year’s IPO total came in at $85.2 billion, the highest total in the past ten years. Renaissance Capital does not include “best efforts” or blank check companies in its totals.

Here are the six IPOs scheduled for the week beginning April 27th.

OpGen Inc. is an early commercial stage healthcare company using molecular testing and bioinformatics to combat multi-drug resistant bacterial infections. The company plans to offer 2.5 million units in an expected price range of $5.50 to $6.50 to raise $15 million on a market cap of around $64 million. Each unit comprises one share of common stock and one Offered Warrant to purchase one share of common stock at 110% of the IPO price. Sole bookrunner for the offering is Maxim Group LLC and the co-manager is National Securities. Units are only indicated to  begin trading next week on the Nasdaq under the ticker symbol OPGNW and shares will trade under the symbol OPGN.

Enviva Partners LP is the world’s largest supplier measured by production capacity of utility-grade wood pellets for major power generators. The company plans to sell 10 million common units in an IPO price range of $19 to $21 to raise $200 million at a market cap of $238 million. Joint bookrunners for the offer are Barclays, Goldman Sachs, RBC Capital Markets, and Citi. Co-managers include J.P. Morgan, Raymond James, Mitsubishi UFJ Securities, and U.S. Capital Advisors. Common units are scheduled to price on Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol EVA.

Viking Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for metabolic and endocrine disorders. The company postponed its IPO originally scheduled for last September in which it planned to offer 5 million shares in a price range of $10 to $12, raising $55 million at a market cap of about $167 million. In the current offering Viking plans to sell 2.5 million shares in an expected price range of $7 to $9 to raise $20 million at a market cap of about $69 million. The sole bookrunner for the offering is Laidlaw & Company (U.K.) and the co-manager is Feltl and Company. Shares are scheduled to price on Tuesday and to begin trading Wednesday on the Nasdaq under the ticker symbol VKTX.

Blueprint Medicines Corp. is a biopharmaceutical company focused on identifying kinases that are drivers of genomically defined diseases and to craft drugs to treat these patients. The company plans to offer 7.2 million shares in an expected price range of $15 to $17, raising $115 million at a market cap of $398 million. Joint bookrunners for the offering are Goldman Sachs and Cowen & Co. Co-managers are JMP Securities and Wedbush PacGrow. Shares are scheduled to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol BPMC.

Black Stone Minerals LP is one of the largest owners of oil and natural gas mineral and royalty interests in the United States. The company plans to offer 22.5 million common units in an expected price range of $19 to $21, raising $450 million against a market cap of $1.9 billion. Joint bookrunners for the offering include Barclays, BofA/Merrill Lynch, Citi, Credit Suisse, and Wells Fargo Securities. Co-managers are J.P. Morgan, Morgan Stanley, Raymond James, Scotiabank/Howard Weil, and Simmons & Co. Shares are expected to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol BSM.

CoLucid Pharmaceuticals Inc. is a Phase 3 clinical stage biopharmaceutical company developing a small-molecule acute treatment for migraine headaches. The company plans to offer 5.4 million shares in an expected price range of $13 to $15 to raise $75 million on a market cap of $210 million. Joint bookrunners for the offering are Piper Jaffray and Stifel. Co-managers are William Blair and Ladenburg Thalmann & Co. Shares are expected to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol CLCD.

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