Biotie ups IPO as UCB exits, Targovax merges to forge Nordic I-O player, Cosmo plans IPO

Welcome to the latest edition of our weekly EuroBiotech Report. Europe was awash with IPO news this week, with Biotie Therapies (HEL:BTH1V), Cosmo Pharmaceuticals (SIX:COPN), Targovax and Pieris Pharmaceuticals ($PIRS) all advancing plans to raise cash from public investors. Biotie and Pieris are following the well-trodden path to Nasdaq, although the latter is going by the circuitous route of an OTCQB listing on its way to a $35 million (€31 million) IPO on the main market. Biotie is aiming higher. The newly inflated target stands at $56 million, an increase of 12% triggered by the decision of former Biotie partner UCB (EBR:UCB) to sell its stake in the Finnish biotech in the overallotment. Cosmo and Targovax plan to list closer to home. Luxembourg-based Cosmo intends to list its dermatology-focused spinout Cassiopea on the SIX Swiss Exchange later this year. And Targovax plans to follow up its merger with fellow Nordic immuno-oncology player Oncos by listing on the Oslo exchange. Intec Pharma (TASE:INTP) filed for a $30 million Nasdaq IPO, too, and further down the pipeline Roche ($RHHBY)-partnered AC Immune mooted a listing. Our final story concerns Genmab (CPH:GEN), which having been through peaks and troughs since pulling off a record IPO in 2000, scaled new heights this week in the wake of Johnson & Johnson ($JNJ) starting a rolling submission for daratumumab. And more. Nick Taylor (email | Twitter)

1. Biotie upsizes IPO as ex-partner UCB decides to cash out

Biotie Therapies has become the latest European biotech to ratchet up its Nasdaq IPO plans after gauging interest in the offering. But proceeds for the CNS specialist are due to stay at the same level, with the 12% rise in the overall haul coming from UCB's decision to sell its stake for around $7.7 million (€6.8 million).

2. Targovax to merge with Oncos then IPO in push for immuno-oncology mainstream

Targovax is to merge with fellow Nordic biotech Oncos Therapeutics to create an immuno-oncology player with the critical mass to get noticed in the congested and fiercely fought field. The merged company will fuel the first-phase of its ambitions through a private placement, with an IPO in Oslo to follow within the next 12 months.

3. Cosmo moves to spin out clinical-phase dermatology assets in Swiss IPO

Cosmo Pharmaceuticals is pushing ahead with plans to spin out its dermatology assets and list the resulting company on the SIX Swiss Exchange. To get the project underway, Cosmo and its shareholders have clubbed together for a €49.9 million ($56.5 million) capital increase, giving the spinout the cash it needs to wrap up a Phase III trial of its lead candidate.

4. Pieris files for $35M IPO in upgrade to Nasdaq

Pieris Pharmaceuticals has filed to step up to Nasdaq from OTCQB and add $35 million (€31 million) to its bank balance in the process. The listing would end Pieris' short stay on OTCQB, which began when it acquired Marika in a reverse merger late last year and allowed it to raise $13.5 million in a private placement from investors including OrbiMed Advisors.

5. Genmab continues upward march as J&J starts quick-fire rolling submission

Genmab has moved a step closer to seeing daratumumab approved in double refractory multiple myeloma. A rolling submission for the breakthrough cancer therapy is now underway, raising hopes that the product will be on the market early next year.

And more articles of note >>

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