Three American biotechnology companies sold stocks in their initial public offerings (IPO) on Thursday, which is an encouraging sign for this struggling industry newcomer.
Bicara Therapeutics Inc. increased the scale of its IPO and raised $315 million by issuing 1.75 million shares of stocks at a price range of $18 per share. Regulatory filings showed that the company increased the number of stocks on Wednesday.
MBX Biosciences Inc. raised $163.2 million in its expanded IPO by issuing 1.02 million shares at a price of $16 per share. The number of stocks was increased from 8.5 million shares to the top of the price range.
Similarly on Thursday, Zenas BioPharma Inc. raised $224.4 million in its initial offering and expanded the scale. The company set the issuing price of 3.2 million shares of stocks at $17 per share, which is in the middle of the price range.
After a series of lackluster transactions in the industry, these IPOs have wiped away the traces of the past. Data shows that this year, over 1.1 billion dollars were raised in IPOs by drug developers in the United States. Out of the 11 companies, 6 had stock prices lower than the issuance price.
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