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1 biotech on the calendar next week

November 9, 2019

NASH biotech 89bio (ETNB) plans to raise $85 million at a $225 million market cap. The company’s target indication represents a multi-billion-dollar market with no FDA-approved therapy; consequently, there are many other NASH-focused biotechs, most of which are later-stage. NASH biotechs as a whole have not done well, save for June IPO Akero Therapeutics (AKRO; +28% from IPO). A holdover from last week, the company delayed its offering due to a minor issue with its auditor’s disclosures to the SEC.

A few companies in the IPO pipeline could launch this week, including mortgage lender Velocity Financial (VEL), social media manager Sprout Social (SPT), and Chinese consumer debt collector YX Asset Recovery (YX.RC).

Street research for BellRing Brands (BRBR) and Innate Pharma (IPHA) is expected on Monday, and lock-up periods will be expiring for five companies: Applied Therapeutics (APLT), Postal Realty Trust (PSTL), Avantor (AVTR), Fastly (FSLY), and Luckin Coffee (LK).

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
89bio (ETNB)
San Francisco, CA
$85M
$225M
$16*
5,304,687*
BofA
Leerink
Phase 1 biotech developing therapies for NASH and other metabolic diseases.

*based on 11/8/19 S-1MEF

https://www.renaissancecapital.com/IPO-Center/News/65938/US-IPO-Week-Ahead-Just-1-biotech-is-on-the-calendar-in-a-slow-week-for-the-

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