3Q21—the market stalls

3Q21—the market stalls

It was an up and down quarter for biotech stocks; the speed of funding as an entire slowed, with follow-on fundings of public business in specific falling off a cliff. The thirst for going publics (IPOs), nevertheless, continued, with Keymed Biosciences and Brii Biotech raising big quantities on the Hong Kong exchange; in the United States, business establishing little particles efficient in drugging drug-resistant kinases or pioneering ingenious epigenetic techniques in cancer figured plainly. RNA rehabs and unique kinds of adoptive immune cell treatment raised considerable personal rounds. The last quarter likewise saw a rash of popular licensing offers in between United States and Chinese biotechs.

Stock market efficiency

The Biotech index carried out approximately the like the NASDAQ and a little much better than the other significant indices.

Global biotech going publics

Although business continued their march onto public markets, United States financing was down and European IPOs in specific tanked.

Number of IPOs

2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Asia-Pacific. 8. 13 20 9. 12 9.
Europe. 6. 4. 2. 7. 8. 0
Americas. 17 22 26 25 25 27
  1. Source: BCIQ BioCentury Online Intelligence

Global biotech funding

Across the board funding was down, however financial obligation in specific was over 20- fold lower than the very same time in 2015.

PIPE, personal financial investment in public equity. Source: BCIQ BioCentury Online Intelligence.

Global biotech equity capital financial investment

Last quarter saw the most affordable variety of rounds (96) for the previous 2 years.

Number of rounds

2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Asia-Pacific. 23 31 35 23 10 14
Europe. 40 50 38 41 34 23
Americas. 107 102 86 132 93 59
  1. Source: BCIQ BioCentury Online Intelligence

Top 10 IPOs of 3Q21

Business (primary underwriters). Quantity raised ($ millions). Date finished. Newest phase and focus. Percent modification in stock rate (since 9/30/2021). Exchange.
Keymed Biosciences (Morgan Stanley, CICC, Huatai Securities, China Everbright). 400 7 July. Stage 2; mAbs, bispecifics and antibody– drug conjugates in cancer and autoimmune indicators. –24%. Hong Kong.
Adagio Therapeutics (Morgan Stanley, Jefferies, Stifel, Nicolaus, Guggenheim Securities). 356 5 August. Stage 2/3; Adimab spinout establishing broadly reducing the effects of mAbs for SARS-CoV-2 versions and zoonotic sarbecoviruses. 28%. NASDAQ.
Erasca (J.P. Morgan, Morgan Stanley, BofA Securities, Evercore ISI, Guggenheim Securities). 345 15 July. Stage 1/2; RAS/MAPK path cancer therapies. 22%. NASDAQ.
Brii Biosciences (Morgan Stanley, UBS, CICC). 320 13 July. Stage 2/3; transmittable illness, neurology. 70%. Hong Kong.
Caribou Biosciences (BofA Securities, Citigroup, SVB Leerink). 304 22 July. Market; genome modifying tools, services. 35%. NASDAQ.
Dice Therapeutics (BofA Securities, SVB Leerink, Evercore ISI). 204 14 Sept. IND; little- particle inhibitors of dimeric or trimeric protein– protein interactions for autoimmune illness. –11%. NASDAQ.
Tyra Biosciences (BofA Securities, Jefferies, Cowen). 199 14 Sept. Preclinical; structure-based drug style of small-molecule inhibitors to prevent causing recognized resistance anomalies at catalytic or allosteric websites. –36%. NASDAQ.
Nuvalent (J.P. Morgan, Cowen, Piper Sandler). 191 28 July. Preclinical; structure-based drug style of small-molecule kinase inhibitors to enhance their selectivity and effectiveness versus resistance. 27%. NASDAQ.
Icosavax (Jefferies, Cowen, Evercore ISI, William Blair). 182 28 July. Stage 1; virus-like particle vaccines. 16%. NASDAQ.
Imago BioSciences (Jefferies, Cowen, Stifel, Nicolaus, Guggenheim Securities). 134 15 July. Stage 2; small-molecule inhibitors and PROTACs of lysine-specific demethylase in thrombocythemia and myelofibrosis. 29%. NASDAQ.
  1. IND, Investigational New Drug application; mAb, monoclonal antibody. Source: BCIQ BioCentury Online Intelligence

Top 10 endeavor fundings of 3Q21

Business (lead financiers). Quantity raised ($ millions). Round. Date finished. Place. Focus.
Suzhou Abogen Biosciences (Temasek, Invesco, Loyal Valley Capital, GL Ventures and others)). 700 C. 19 August. China. mRNA vaccines.
Laronde (Flagship Pioneering, T. Rowe Price, Invus and others)). 440 B. 30 August. United States. Circular RNA for protein expression.
Sonoma Biotherapeutics (Ally Bridge Group, Arrowmark Partners, Avidity Partners and others)). 265 B. 4 August. United States. Chimeric antigen receptor (CAR)- T regulative cell treatment for oncology.
InterVenn Biosciences (SoftBank Group, Heritage Provider Network, Irving Investors and others)). 201 C. 2 August. United States. Liquid biopsies utilizing glycoproteomics.
Deep Genomics (SoftBank Vision Fund, Alexandria Venture Investments, Fidelity Management and Research and others). 180 C. 28 July. Canada. Expert system– allowed discovery of antisense oligonucleotides.
Wugen (Abingworth, Tybourne Capital Management, Fidelity Management & Research, Intermediate Capital Group and others). 172 B. 15 July. United States. CAR-memory natural killer (NK) cell and CAR-T cell treatments for oncology.
Amylyx Pharmaceuticals (Viking Global Investors, Bain Capital Life Sciences, Perceptive Advisors and others). 135 C. 20 July. United States. Mix of small-molecule histone deacetylase inhibitor (salt phenylbutyrate) and the chaperone-like ursodoxicoltaurine for usage in amyotrophic lateral sclerosis.
Skyhawk Therapeutics (Fidelity Management and Research, concealed financiers). 133 E. 14 September. United States. Little particles that customize mRNA expression.
Ring Therapeutics (Invus, Altitude Life Science Ventures, Partners Investment and others). 117 B. 28 July. United States. Anelloviral vectors for providing foreign genes as single-stranded DNA episomes.
PepGen (RA Capital Management, Oxford Sciences Innovation, CureDuchenne Ventures and others). 113 Not divulged. 5 August. UK. Peptide-conjugated oligonucleotides.
  1. Source: BCIQ BioCentury Online Intelligence

Top 10 licensings/collaborations of 3Q21 by up-front money

Scientist. Partner. Up-front money ($ millions). Description.
Arvinas. Pfizer. 650 Co-development and commercialization of PROTAC estrogen receptor degrader ARV-471
RemeGen. Seagen. 200 Co-development of disitamab vedotin, an antibody– drug conjugate consisting of a humanized IgG1 mAb targeting HER2 connected to monomethyl auristatin E.
Adaptimmune Therapeutics. Genentech. 150 Partnership to research study, establish and advertise cancer-targeted allogeneic T-cell treatments.
InnoCare Pharma. Biogen. 125 Licensing and cooperation contract for orelabrutinib, a CNS-penetrant Bruton’s tyrosine kinase small-molecule inhibitor versus several sclerosis.
Arena Pharmaceuticals. Aristea Therapeutics. 60 Co-development of RIST4721, a small-molecule inhibitor of interleukin-8B receptor, for dealing with immune-mediated inflammatory illness.
Lycia Therapeutics. Eli Lilly. 35 Partnership to find and establish unique lysosomal targeting chimera (LYTAC) degraders consisting of an mAb conjugated to an artificial oligoglycopeptide that binds CI-M6PR (cation-independent ligand that binds mannose-6-phosphate receptor), accountable for lysosome trafficking.
Incyte. InnoCare Pharma. 35 Cooperation and license contract in Greater China for tafasitamab, an anti-CD19 humanized IgG1/2 hybrid with an Fc area crafted to bind FcγRIIa and FcγRIIIa to potentiate antibody-dependent cell-mediated cytotoxicity and cellular phagocytosis.
Bike Therapeutics. Ionis Pharmaceuticals. 34 Unique licensing contract targeted at additional advancing ligand-associated antisense oligonucleotide innovation.
BeyondSpring. Jiangsu Hengrui Medicine. 30 Special commercialization and co-development contract for plinabulin, a vascular interrupting representative, in Greater China.
Ascentage Pharma. Innovent. 30 Contracts for commercialization in China of olverembatinib, a small-molecule inhibitor of BCR-ABL and KIT receptor; for joint medical advancement of lisaftoclax, a small-molecule selective BCL-2 inhibitor; and for equity financial investments in Ascentage.
  1. mAb, monoclonal antibody; IgG, immunoglobulin G; CNS main nerve system. Source: BCIQ BioCentury Online Intelligence

Mergers and acquisitions

Target. Acquirer. Offer focus. Worth ($ millions). Date revealed.
Grail. Illumina. Blood-based screening for early cancer detection. 8,00 0. 18 August.
Equate Bio. Sanofi. mRNA vaccines and treatments. 3,200 3 August.
Protomer Technologies. Eli Lilly. Glucose-sensing insulin and other small-molecule-activated biologics. 1,00 0. 14 July.
Thunderbolt Pharma. Aurinia Pharmaceuticals. A BCMA– Fc blend protein for obstructing B-cell triggering element (BAFF) and a proliferation-inducing ligand (APRIL) for B-cell conditions. 7. 17 August.
Stelios Pharmaceuticals. Lexeo Therapeutics. Adeno-associated viral heart gene treatments. Concealed. 21 July.
Gotham Therapeutics. 858 Therapeutics. Small-molecule epitranscriptomic METTL3 inhibitors. Concealed. 20 September.
Carrier Therapeutics. Valo Health. A cowpox infection– encoded orthopoxvirus significant histocompatibility complex class I-like protein merged to altered IL-2 with bad affinity for IL-2Rα. Concealed. 27 July.
  1. METTL3, m 6– adenosine methyltransferase 3; IL, interleukin; IL-2Rα, interleukin-2 receptor-α. Source: BCIQ BioCentury Online Intelligence.

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  1. Senior Editor, Nature Biotechnology

    Laura DeFrancesco

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