Jan. 14 Financial Quick Takes: Schrödinger proposes NASDAQ IPO; plus Mirati, Blackstone, Orexia, Jasper, seqWell

Schrödinger seeking NASDAQ listing
Computational physics and drug discovery company Schrödinger Inc. proposed to raise up to $100 million in an IPO on NASDAQ. The company’s largest shareholders are the Bill and Melinda Gates Foundation and hedge fund operator David E. Shaw. According to its prospectus, Schrödinger has raised $192.6 million to date, including amounts received from its equity investment in Nimbus Therapeutics LLC; the company announced an $85 million series E round in early 2019 (see “Schrödinger Raises Series E”).

Mirati completes $345M follow-on
Cancer company Mirati Therapeutics Inc. (NASDAQ:MRTX) raised $345 million through the sale of 3.5 million shares at $97.50 in a follow-on, including an overallotment of shares sold to underwriters. The price is a 7% discount to Mirati’s closing price of $104.74 on Jan. 8, when it proposed after hours to raise $250 million. Mirati’s lead program targets K-Ras (KRAS). Underwriters are Goldman Sachs, SVB Leerink, Cowen, Credit Suisse and Jones Trading (see “Transforming Mirati’s Story”).

Blackstone aims for $4.6B fifth fund
Blackstone Group hopes to raise $4.6 billion for its Life Sciences V fund, according to an SEC filing. The company has already raised $3.4 billion for the fund.

Orexia research triggers Medicxi tranche
Recent progress by sleep disorder companies Orexia Ltd. and Inexia Ltd. with their orexin agonist program triggered an undisclosed funding tranche by Medicxi, which plans to invest up to a total of €40 million ($44.5 million) in the Sosei Group Corp. (Tokyo:4565) spinouts (see “Medicxi’s Orexin Dream Deal”).

Jasper tops off series A
Jasper Therapeutics Inc. expanded its series A financing with a $14.1 million tranche led by Roche Venture Fund with participation from other undisclosed investors, bringing the total funds raised by the company to more than $50 million. Jasper raised $35 million in the round’s first tranche in December. The funds will be used to advance its lead candidate JSP191; the antibody which targets c-Kit on hematopoietic stem cells is in Phase I/II testing as a conditioning regimen to prepare patients for hematopoietic stem cell transplants (see “Jasper Debuts”).

seqWell raises $9M Series B
Sequencing company seqWell raised $9 million in a series B round led by Research Corp.Technologies with participation by the BroadOak Fund and undisclosed existing investors. The company will use the funds to expand its genomics platforms to include single-cell genomics and transcriptomics. seqWell also appointed Paul McEwan as chairman; he was lifecycle leader at the sequencing solution unit of Roche (SIX:ROG; OTCQX:RHHBY).

Targets: c-Kit (KIT, CD117) - Stem cell factor receptor tyrosine kinase; OX1R (HCRTR1) - Orexin 1 receptor ; OX2R (HCRTR2) - Orexin 2 receptor (OX2R) (HCRTR2)

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