Joining the growing number of biotech initial public offerings this year are Alto Neuroscience and Fractyl Health, with both announcing respective plans to go public Friday morning.
Alto is putting a little more than 8 million shares of its common stock up for sale at $16 apiece, with plans to yield gross proceeds of $128.6 million, before taking out commissions, underwriting discounts and other offering fees. Underwriters also have 30 days to buy more than 1.2 million shares of Alto’s common stock at the initial public offering (IPO) price. The IPO is expected to close on Feb. 6.
Alto’s upsized IPO is higher than its previous target, which it revealed earlier this week to be $89 million to $103 million.
Alto will make its debut on the New York Stock Exchange on Friday under the ticker symbol ANRO.
The IPO proceeds will help the California-based biotech to fund the development of its lead asset ALTO-100, an oral small molecule inhibitor of BDNF, which is currently in a Phase II study for major depressive disorder. Alto will also use the earnings to advance its other depression asset ALTO-300, as well as the Phase I PDE4 asset ALTO-101, being trialed for neurodegenerative and neuropsychiatric conditions.
William Blair, Stifel, TD Cowen and Jefferies acted as joint book-running managers for Alto’s IPO, while Baird is the lead manager.
Massachusetts-based Fractyl Health also announced its IPO plans, putting some more than 7.3 million shares of its common stock up for sale at $15 apiece. Fractyl is looking to secure gross proceeds of around $110 million, which could further increase if underwriters take their 30-day option to snap up nearly 1.1 million additional shares of Fractyl’s common stock.
Like Alto, Fractyl’s gross IPO haul exceeded its initial expectations, which earlier this week was set at $99 million. The company will debut on the Nasdaq Global Market on Friday, with the ticker symbol GUTS.
Fractyl’s lead product candidate Revita is an outpatient endoscopic procedural therapy that uses hydrothermal ablation to remodel the dysfunctional duodenal lining to restore metabolic health. Revita is in a pivotal study for insulin-treated type 2 diabetes, with data expected in the fourth quarter of 2024.
Its second investigational asset is Rejuva, an adeno-associated virus-delivered gene therapy to improve islet health in the pancreas. Rejuva is currently in preclinical development.
Evercore ISI, Morgan Stanley and BofA Securities are joint book-running managers for Fractyl’s IPO.
Alto and Fractyl follow in the footsteps of CG Oncology, which last week announced its upsized IPO of $380 million, and ArriVent Biopharma, which followed a day later with its own $175 million offering.
https://www.biospace.com/article/alto-fractyl-go-public-in-back-to-back-offerings-as-ipo-market-heats-up/
Check out our mRNA service to expedite your vaccine research
PackGene Biotech is a world-leading CRO and CDMO, excelling in AAV vectors, mRNA, plasmid DNA, and lentiviral vector solutions. Our comprehensive offerings span from vector design and construction to AAV, lentivirus, and mRNA services. With a sharp focus on early-stage drug discovery, preclinical development, and cell and gene therapy trials, we deliver cost-effective, dependable, and scalable production solutions. Leveraging our groundbreaking π-alpha 293 AAV high-yield platform, we amplify AAV production by up to 10-fold, yielding up to 1e+17vg per batch to meet diverse commercial and clinical project needs. Moreover, our tailored mRNA and LNP products and services cater to every stage of drug and vaccine development, from research to GMP production, providing a seamless, end-to-end solution.
Related News
Sangamo Therapeutics Secures Accelerated Approval Pathway for Gene Therapy in Fabry Disease
Sangamo Therapeutics has announced a major advancement in its gene therapy program for Fabry disease, as the U.S. FDA has provided a clear pathway for Accelerated Approval. This decision could potentially speed up approval timelines by three years, with a Biologics...
[2024/10/18] Gene and Cell Therapy- weekly digest from PackGene
FeaturedNewsArticlesPackGene's NewsletterReceive the latest news and insights to your inbox.About PackGenePackGene Biotech is a world-leading CRO and CDMO, excelling in AAV vectors, mRNA, plasmid DNA, and lentiviral vector solutions. Our comprehensive offerings span...
GSK sues Moderna over mRNA vaccine patents, seeks ‘reasonable royalty’
GSK on Tuesday unveiled a lawsuit filed against Moderna in Delaware federal court, alleging that its patented inventions provide the “foundation” for Moderna’s mRNA vaccine portfolio. GSK said it’s looking to recover “a reasonable royalty” for Moderna’s tens of...
Gene Therapy Automatically Converts Omega-6 to Omega-3 Fatty Acids in the Body
Shriners Children's Develops New Technology to Prevent Childhood Obesity ST. LOUIS, Oct. 16, 2024 /PRNewswire/ -- According to the Centers for Disease Control, nearly 20% of children and teens are considered obese. Research shows it can have a dramatic impact on a...
Related Services