Press Release July 01, 2019

Goodwin Leads Three Biotech IPOs Totaling $530 Million, Including Largest of 2019

It has been another big month for IPOs in the biotechnology industry. In the last two weeks, Goodwin’s Life Sciences team represented three IPO issuers. The three offerings, including what’s been named the largest biotech IPO of 2019 thus far, raised close to $530 Million.

  • BridgeBio Pharma (Nasdaq: BBIO), a Palo Alto-based company that finds, develops, and delivers breakthrough medicines for genetic diseases, sold 20.5 million shares priced at $17. Raising $348.5 million, BridgeBio has been noted as the largest biotech IPO of 2019 to date. J.P. Morgan Securities, Goldman Sachs, Jefferies, SVB Leerink, KKR, Piper Jaffray, Mizuho Securities, BMO Capital Markets and Raymond James served as book-running managers. The Goodwin team was led by life sciences chair Mitchell Bloom and partners Maggie Wong and Jason Breen. For more details, read the press release and articles in Xconomy and BioSpace.
  • Akero Therapeutics (Nasdaq: AKRO) a clinical-stage biotechnology company developing transformational treatments for people with non-alcoholic steatohepatitis (NASH) and other serious metabolic disorders, raised approximately $92 million from its IPO. The San Francisco-based company sold approximately 5.7 million shares priced at $16. J.P. Morgan Securities, Jefferies and Evercore acted as book-running managers for the offering. The Goodwin team was led by Mitchell Bloom and partners John Mutkoski and Laurie Burlingame. For more details, read the press release and articles in BioSpace and Seeking Alpha.
  • Karuna Therapeutics Inc. (Nasdaq: KRTX), a Boston-based clinical-stage biopharmaceutical company primarily focused on developing novel therapies to address disabling neuropsychiatric conditions, offered approximately 5.6 million shares priced at $16, raising over $89.2 million. Goldman Sachs, Citigroup and Wells Fargo Securities acted as book-running managers. The Goodwin team was led by Mitchell Bloom and partner Seo Salimi. For more details, read the press release and articles in Endpoints and Xconomy.

Goodwin represents leading public and private life sciences companies across their entire life cycles – including financings, capital market transactions, mergers and acquisitions, collaborations and licensing, intellectual property and regulatory matters. Goodwin has been named life sciences “Practice Group of the Year” by Law360, “Biotech Firm of the Year” by U.S. News and World Report - Best Lawyers for five years, and “IP Law Firm of the Year” and “Life Cycle Firm of the Year” by LMG Life Sciences. In 2018, Goodwin advised issuers on more than a dozen biotechnology and pharmaceutical industry IPOs worth in aggregate nearly $2 billion — making Goodwin the number one advisor in this sector by offering value. This work included representation of Moderna Therapeutics in the largest biotechnology IPO in history.