Biotechs Molecular Partners and Xenon Pharmaceuticals finally made their way to the public markets after previously postponing their IPOs, but each had to settle for a substantial discount in the process as investors continue to greet drug developers with skepticism.
Two biotechs are again mounting IPO efforts after market volatility scuttled their first attempts, as Molecular Partners and Xenon Pharmaceuticals pitch downsized offerings in hopes of finally making onto the public markets.
Xenon Pharmaceuticals has gone 8 long years since its last equity raise, relying on a slate of partnerships with some of the biggest names in the business to fund its work. And now it's set out to test the fall biotech IPO market with a $52 million offering designed to take the company down another stage of its journey through the clinic.
As Merck works on rebooting R&D, the drug giant has rewarded a pair of its biotech partners in Canada for their progress with separate preclinical programs. This week Xenon and Zymeworks, both headquartered in Vancouver, have reported new developments in their partnerships with Merck.
Canada's Xenon has added another premier industry collaboration to its roster of pacts aimed at discovering genetically-targeted treatments. In this new deal, Xenon will work with Roche 's Genentech
Merck has signed a deal with Canada-based Xenon to discover and develop small molecule candidates for cardiovascular disease. Xenon, a clinical genetics-based drug discovery and development outfit,