Biotech's protracted IPO boom has waxed and waned after a record-setting 2014, but the window stayed open long enough for three more emerging drug developers to pocket a combined $200 million. Collegium Pharmaceutical ($COLL), aTyr Pharma ($LIFE) and CoLucid Pharmaceuticals ($CLCD) all made their way to Wall Street amid a busy week for biotech debuts.
San Diego's aTyr raised $75 million in its IPO, pricing about 5.4 million shares at $14 each, the midpoint of its expected range. The company, at work on a drug for the rare facioscapulohumeral muscular dystrophy, set aside another 804,000 shares for its underwriters to cover over-allotments, setting its maximum deal value at more than $86 million.
Collegium, developing an abuse-deterrent take on oxycodone, raised $70 million by offering 5.8 million shares at $12 apiece, hitting the low end of its range. The company's extra options set it up for as much as $80 million, funds that would help it advance Xtampza ER through the FDA process and onto the market.
And CoLucid, a Cambridge, MA-bound migraine drug developer, priced below its range with a $55 million IPO, moving 5.5 million shares at $10. With the funds, CoLucid will pay for an ongoing Phase III study on its lasmiditan, expecting top-line results next year.
The three IPOs follow Adaptimmune's ($ADAP) $191.3 million debut on Wednesday, capping off a big week for biotech. Last year's bracing pace of debuts has largely continued into 2015, with Aduro Biotech ($ADRO), Cidara Therapeutics ($CDTX), Blueprint Medicines ($BPMC) and many others pulling off successful debuts.
- read the aTyr release
- here's Collegium's statement
- and CoLucid's note