Aug 3(Reuters) – Drug developers Latigo Biotherapeutics and BlossomHill Therapeutics launched their U.S. initial public offerings on Monday riding the wave of biotech listings.
Biotech IPOs are tapping renewed capital flows, but the rally could stall if continuing Middle East tensions fuel inflation, keep interest rates higher for longer and raise funding costs for cash-hungry drug developers.
Here are some more details:
• Thousand Oaks, California-based Latigo Biotherapeutics is targeting a $1.08 billion valuation and aims to raise $288 million by offering 16 million shares priced between $16 and $18 each.
• It is focused on developing non-opioid pain medicines designed to stop the transmission of pain without the risk of addiction.
• Its lead product candidate, LTG-001, is an oral inhibitor currently in development as a potential treatment for moderate to severe acute pain, including postoperative pain.
• Goldman Sachs, Jefferies, Leerink Partners and Guggenheim Securities are the underwriters for the offering. Latigo intends to list its shares on Nasdaq under the symbol “LTGO”.
• San Diego, California based BlossomHill Therapeutics is targeting a $494.38 million valuation and aims to raise $132.8 million by offering 7.8 million shares priced between $15 and $17 each.
• Founded in 2020, it is a small molecule drug discovery and development company focused on unmet medical needs in oncology and autoimmune disorders.
• J.P. Morgan, Leerink Partners, Guggenheim Securities, LifeSci Capital and H.C. Wainwright & Co. are the underwriters for the offering. BlossomHill intends to list its shares on Nasdaq under the symbol “BLSM.”
(Reporting by Pragyan Kalita in Bengaluru; Editing by Tasim Zahid)
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