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Biotech IPOs Rise: Retension & TRex File Paperwork
19 Sep
Summary
- Two drug developers, Retension and TRex, filed for U.S. IPOs.
- Biotech IPOs show resilience against market headwinds.
- Eli Lilly plans to invest in TRex Bio's upcoming IPO.
Drug developers Retension Pharmaceuticals and TRex Bio submitted their filings for U.S. initial public offerings on Friday, reinforcing the fall IPO window for the biotech sector. This influx of listings is largely supported by acquisitions from major pharmaceutical companies.
Despite a recent biotech IPO’s stock decline, analysts note the sector’s general resilience to broader market challenges. This resilience, coupled with strong investor interest, continues to make biotech a favorable area for IPO investment.
TRex Bio, based in South San Francisco, California, is developing treatments for autoimmune and inflammatory diseases, with its lead candidate, TRB-061, in early-stage trials. Eli Lilly has indicated plans to invest in TRex's IPO. Falls Church, Virginia-based Retension Pharmaceuticals is developing medicines for hypertension and cardiovascular diseases, with its candidate RTN-001 showing positive results in mid-stage trials.
Both companies aim to list on the Nasdaq under distinct ticker symbols. J.P. Morgan, Evercore ISI, Cantor, Stifel, and Wedbush PacGrow are underwriting TRex's offering, while Leerink Partners, Guggenheim Securities, Oppenheimer, and Titan Partners are handling Retension's.
