BioCentury
ARTICLE | Finance

May 13 Quick Takes: MyoKardia raises $551M; plus Legend looks to NASDAQ for IPO and ADC, Travecta, QureBio, Kintor, Lantern, Kiromic

May 14, 2020 2:50 AM UTC
Updated on May 14, 2020 at 3:20 AM UTC

MyoKardia prices follow-on at a premium
MyoKardia Inc. (NASDAQ:MYOK) raised $551.3 million late Tuesday through the sale of 5.3 million shares at $105 in a bumped-up offering that stands to be the biggest follow-on of 2020 thus far. The $105 share price is an 8% premium over the biotech’s $96.90 close Monday, when MyoKardia proposed to raise $450 million after reporting earlier that day its cardiomyopathy therapy mavacamten met in a Phase III trial. MyoKardia gained 16% Tuesday, and slipped $3.95 to $108.34 Wednesday. Moderna Inc. (NASDAQ:MRNA) raised $575 million in February, including the overallotment. MyoKardia has yet to raise its overallotment (see “Daily Chart”; “Data Validate MyoKardia’s Mavacamten”).

Legend readies for NASDAQ IPO
CAR T company Legend Biotechnology Co. Ltd. proposed to raise up to $100 million through the sale of ADSs in an IPO. The company plans to submit a BLA to FDA next half for multiple myeloma therapy JNJ-4528, which it’s developing with Johnson & Johnson (NYSE:JNJ). The product could reach the finish line ahead of competing BCMA-targeted CAR T therapy bb2121, for which bluebird bio Inc. (NASDAQ:BLUE) and Bristol Myers Squibb Co. (NYSE:BMY) received a refusal-to-file letter from FDA Wednesday (see “Letter Further Muddies Chances of Celgene Payout”)...