German immunotherapy developer BioNTech (BNTX) raised $150 million in a US IPO that values the company at $3.4 billion. Despite pricing below its last round, BioNTech is the third-largest biotech to list in the past decade.
BioNTech is the latest in a series of large biotechs going public in the US. Along with immunotherapy developers Moderna and Genmab, the three largest biotech IPOs of the past decade have all hit the market in the past 11 months. Assuming this week's Vir Biotechnology (VIR) prices within the IPO range, nine biotechs will have IPO'd at valuations of $2+ billion over the past 10 years, seven of which came to market in 2018/2019. These largest biotechs have had mixed success. The seven that have traded averaged a first-day return of 25%, with only one trading down on its debut, fellow mRNA biotech Moderna. They have averaged a total return of 28% from the offer price. 2015 IPO NantKwest has been the worst performer with a -95% loss, while 2014 IPO Juno Therapeutics notched a 262% return from its IPO to its 2018 acquisition by Celgene.
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|Largest Biotech IPOs, Last 10 Years (IPO Market Cap > $2 billion)|
|Name (Ticker)||Offer Date||Description||Market Cap at IPO ($B)||First Day Return||Return from IPO|
|Genmab (GMAB)*||7/17/19||Antibodies for cancer, other diseases||$11.5||2.4%||11.2%|
|Moderna (MRNA)||12/6/18||Modified mRNA therapies||$8.1||-19.1%||-38.3%|
|BioNTech (BNTX)||10/9/19||Immuno-oncology mRNAs, antibodies||$3.4||N/A||N/A|
|MorphoSys (MOR)*||4/18/18||Antibodies for lymphoma, other diseases||$3.1||5.1%||8.9%|
|NantKwest (NK)||7/27/15||Natural killer cell immuno-oncology||$2.6||38.6%||-95.1%|
|Vir Biotechnology (VIR)||10/10/19||Immunologic therapies for infectious diseases||$2.4||N/A||N/A|
|Allogene Therapeutics (ALLO)||10/10/18||Off-the-shelf CAR T cell cancer therapies||$2.2||38.9%||40.2%|
|Juno Therapeutics (JUNO)||12/18/14||T-cell therapies for cancers||$2.2||45.8%||262.3%†|
|BridgeBio Pharma (BBIO)||6/26/19||Therapies for genetic diseases and cancers||$2.0||62.1%||7.9%|
BioNTech's IPO values it at $3.4 billion in one of the largest biotech listings of all time
Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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