initial public offerings (IPOs) trading on American exchanges

Monday, August 31, 2020

Aimmune Therapeutics (AIMT) to be acquired by Nestle (NSRGY) for $34.50 per share

  • Following years of increasing its financial position in California-based Aimmune, Sociétés des Produits Nestlé, S.A., a part of Nestlé Health Science, acquired the outstanding shares of the food allergy-focused company for $2.6 billion in cash.
  • Aimmune, which won regulatory approval in February for Palforzia, a first-of-its-kind treatment for patients with peanut allergies. Palforzia [Peanut (Arachis hypogaea) Allergen Powder-dnfp] is an oral treatment indicated to mitigate allergic reactions to peanuts.

 







Aimmune Therapeutics to be acquired by unit of Nestle Health Science (NSRGY) for $34.50 per share


  • Aimmune Therapeutics, a biopharmaceutical company developing and commercializing treatments for potentially life-threatening food allergies, announced that it has entered into a definitive agreement for Socits des Produits Nestl, S.A. to acquire Aimmune for $34.50 per share in an all-cash transaction, implying a fully-diluted equity value of $2.6 bln. Socits des Produits Nestl, S.A. is a part of Nestl Health Science (NHSc) and a wholly owned subsidiary of Nestl S.A.
  • Under the terms of the merger agreement, Nestl S.A.'s wholly-owned subsidiary Socit des Produits Nestl S.A. (SPN) will commence a cash tender offer to acquire all outstanding shares of Aimmune common stock that are not already owned by NHSc for $34.50 per share in cash, and Aimmune agreed to file a recommendation statement containing the unanimous recommendation of the independent members of the Aimmune board that Aimmune stockholders tender their shares to SPN.
    • Following the completion of the tender offer, Nestl expects to promptly consummate a merger of Aimmune with a subsidiary of SPN, in which shares of Aimmune that have not been tendered in the tender offer will be acquired by SPN and converted into the right to receive the same cash price per share as paid in the tender offer.
  • Saturday, August 29, 2020

    IPOs this week : August 31 - September 4, 20 (wk 36)

    IPO quiet period expirations
    • Rocket (NYSE:RKT), BigCommerce (NASDAQ:BIGC), Oak Street (NYSE:OSH), Acutus Medical (NASDAQ:AFIB), Checkmate Pharma (NASDAQ:CMPI), IBEX (NASDAQ:IBEX) and OLB (OLB). 
    Of that bunch, BigCommerce might be the most intriguing with shares more than tripling since the IPO.

    IPO lockup expirations
    • Calliditas Therapeutics (NASDAQ:CALT) on September 3. 
    Across the Atlantic, German caravan maker Knaus Tabbert is planning an IPO in Frankfurt to raise up to $952M.

    Friday, August 28, 2020

    GoodRx (GDRX) files registration statement on Form S-1 relating to a proposed IPO

    GoodRx, which collects data on drug prices and discounts to save consumers money, is preparing for a possible initial public offering.
    • The number of shares to be offered and the price range for the proposed offering have not yet been determined.
    • GoodRx intends to list its Class A common stock on the NASDAQ Global Select Market, under the ticker symbol GDRX.


    The Santa Monica, California startup was founded in 2011. The GoodRx platform gathers information on retail drug prices from more than 70,000 pharmacies. It also provides coupons to help consumers with the high costs of prescription drugs. GoodRx has raised $1.5 million in funding, according to CrunchBase. Silver Lake invested in 2018, giving the company a $2.8 billion valuation at the time. Francisco Partners and Spectrum Equity invested in 2015.

    GoodRx is one of several startups looking to disrupt the $400 billion pharmacy industry. NowRx, which provides same-day prescription delivery, raised $20 million in a B round of funding last month. Capsule Pharmacy also offers same-day delivery and collected $200 million in Series C funding last year.

    The possible GoodRx offering comes during a resurgence in the IPO market. Covid-19 caused a three months pause in new issues earlier this year. This, along with low interest rates, has helped create pent-up demand for offerings. Several companies have seen their IPOs perform well including Lemonade (Ticker: LMND), nCino (NCNO) and ZoomInfo (ZI).

    BigCommerce (BIGC) : 3-week performance



    Li Auto (LI) : 4-week performance

    • Goldman Sachs and Bernstein initiated coverage with buy ratings earlier week. 
    • Goldman analyst Fei Fang also put Li stock on the firm's "conviction buy" list.



    Xpeng Motors (XPEV) began trading on the NYSE on Wed 26 Aug 20

    Xpeng Motors stock shot up 42% to 21.30 in Thursday's debut under the ticker XPEV. Shares hit 25 intraday.
    • Xpeng is the third Chinese electric vehicle startup to go public in New York after Nio's (NIO) $1 billion IPO two years ago and Li Auto's (LI) recent $1.1 billion IPO.
    • Electric car stocks have benefited both from Tesla's surge this year and as governments and automakers promote emissionless technology.
    Earlier, the Guangzhou-based company sold 99.7 million American depositary shares at 15 a share, raising nearly $1.5 billion. Xpeng originally planned to sell 85 million shares at $11-$13 each.





    An IPO filing describes the company as producing two premium electric vehicles, the G3 SUV and the four-door P7 sports sedan. P7, which launched at the end of June, is a rival to the Tesla Model 3 in China. A third model is expected in 2021.

    Xpeng also offers an optional autonomous driving system. It targets the mid- to high-end China electric car market, as do Chinese rivals Li Auto and Nio.

    Founded in 2015, Xpeng is unprofitable and revenue dived 19% in the first half of 2020 as the coronavirus pandemic hit sales.

    Thursday, August 27, 2020

    Nutanix (NTNX) reported earnings on Thur 27 Aug 20 (a/h)

    ** charts before earnings **



     





    ** charts after earnings **









    Nutanix beats by $0.28, beats on revs; CEO to retire; also announces that Bain Capital will invest in $750 mln in convertible notes


  • Reports Q4 (Jul) loss of $(0.39) per share, excluding non-recurring items, $0.28 better than the S&P Capital IQ Consensus of ($0.67); revenues rose 9.3% year/year to $327.87 mln vs the $319.46 mln S&P Capital IQ Consensus.
  • Co also announces that CEO Dheeraj Pandey plans to retire from the Nutanix management team upon the selection and appointment of Nutanix's next CEO. Pandey will remain Chairman and CEO while a formal search is conducted.
  • Co also announces that Bain Capital Private Equity will make an investment of $750 million in convertible notes. Nutanix plans to use the investment to support the Company's growth initiatives. In connection with the investment, David Humphrey and Max de Groen, Managing Directors of Bain Capital, will join the Nutanix Board of Directors.
  • Monday, August 24, 2020

    IPOs this week : August 24 - 28, 20 (wk 35)

    IPOs expected to price
    Xpeng Motors (XPEV) is the only IPO expected to price next week. The Chinese EV automaker hopes to raise more than $1B with the offering as it looks to compete with Nio (NYSE:NIO) and Li Auto (NASDAQ:LI).

    IPO quiet period expirations
    • Vertex (NASDAQ:VERX) and Li Auto (LI) on August 24
    • Vital Farms (NASDAQ:VITL), AlloVir (NASDAQ:ALVR) and Fathom Holdings (NASDAQ:FTHM) on August 25. 

    IPO lockup expirations
    • Passage Bio (NASDAQ:PASG) on August 26. 

    Also of interest to the IPO world, Y Combinator’s latest batch of startups present to an invite-only audience of approximately 1,000 investors and media next week. Stripe, Airbnb, Cruise Automation, DoorDash, Coinbase, Instacart, Dropbox and Twitch have all come out of the startup accelerator.

    Sunday, August 23, 2020

    Airbnb (AIRB) confidentially files for IPO

    Bloomberg reports that Airbnb (AIRB) has confidentially filed paperwork with the SEC for an initial public offering.

    The price range and number of shares will be determined at a later date.

    Airbnb was valued at $18B during an April fundraising round, slashed from the prior $31B value due to the pandemic's impact on the travel industry.

    Last week, Bloomberg sources said Airbnb's Q2 revenue dropped at least 67% Y/Y. Bookings were down 30% Y/Y in June, a large improvement on May's 70% decline.

    DoorDash plans for IPO in Q4 as demand stays strong

    DoorDash (DOORD) is planning to go public in November or December, according to Bloomberg.

    Sources says the company will fire off an IPO after deciding against a direct listing to raise capital.

    A $400M funding round in June valued DoorDash at almost $16B.


    DoorDash's competitors include Grubhub (NYSE:GRUB) and Uber Eats (NYSE:UBER), as well as grocery delivery specialists like Instacart (ICART), Amazon Fresh (NASDAQ:AMZN), Shipt, FreshDirect, Peapod and Walmart (NYSE:WMT).

    Robinhood's $200M funding round boosts valuation to $11.2B

    Robinhood reports a $200M series G funding from D1 Capital Partners, lifting its valuation to $11.2B from $8.6B, its third major investment in five months.

    The news comes about a week after the stock-trading app company announced plans to hire hundreds of additional registered financial representatives to serve its growing number of customers.

    In June, Robinhood logged 4.3M daily average revenue trades, surpassing all of the publicly traded brokerage firms.

    Last month, Robinhood said it was adding $320M of investment to an earlier series of funding that was announced in April. It announced a $280M round of investment in May.

    The company will use this latest funding to improve its core product and customer experience.

    The IPO is being reinvented

    (source: The Economist; Aug 22, 2020)

    Over the past two decades fewer firms in America have listed on the stockmarket, opting instead to stay in the shadows for longer. Entrepreneurs and venture capitalists (vcs) make two complaints. First, initial public offerings (ipos) are a rip-off. Second, the degree of outside scrutiny firms face can be uncomfortable. Now a new wave of tech firms are expected to go public, including Airbnb, a home-rental firm, and Palantir, which does data analytics (see article). Some plan to use one of two alternative techniques for floating: direct listings and blank-cheque companies. This disruption to the conventional ipo market is risky but welcome. However, in the long run these newcomers won’t be able to escape ruthless outside scrutiny of their business models.

    The decline of ipos is striking. On average in the 25 years to 2000, 282 firms staged one each year, but since 2001 the figure has fallen to 115. This has made the economy more opaque and prevented ordinary people from investing in young firms. The underlying cause is a shift in the balance of power towards companies. Tech startups tend to be asset-light and need less capital, while the vc industry has grown and can fund firms for longer. Startups can thus delay going public. Amazon floated in 1997 when it was three years old, but the typical firm listing now is 11. There is a backlog of 225 unicorns—private startups worth over $1bn—which are supposedly worth a total of $660bn.

    If firms are not acquired, they need to go public eventually. Staff want to sell their shares. Their vc backers are sitting on bloated portfolios and need to return cash to their investors. The push to clear this backlog began in 2019 and is gaining steam again. As well as Airbnb and Palantir, many other flotations are planned. In China stars such as Ant, a fintech giant, are listing, too. The pandemic has led to more buzz about the digital economy—Walmart has just reported soaring e-commerce sales. Central-bank stimulus has ginned up markets. And in America there is excitement about alternatives to ipos.

    In an ipo Wall Street banks act as middlemen between the firm and investors, negotiating a price. It’s a gruelling and expensive ordeal. Investors and regulators grill managers for months. Banks charge fees of 4-7% of the proceeds and sometimes sell firms’ shares too cheaply in order to please their clients at investment funds, who get a quick profit, or “pop”, on the first day of trading. Companies have thrown away $43bn of value in this way in the past decade, reckons Michael Mauboussin of Morgan Stanley. According to Bill Gurley, a vc investor, “that pop you hear is money going out of your pocket.”

    One alternative to an ipo is a direct listing. Instead of a banker, a stock exchange sets the initial price, automatically balancing supply and demand just before the shares start trading. Last year Slack, a software firm, listed this way, and Palantir could follow. Another method involves blank-cheque companies known as “special-purpose acquisition companies”, or spacs: listed shell companies that acquire private firms, instantly bypassing the ipo process. Virgin Galactic, a space firm, took this route in 2019. Both approaches have drawbacks. In a direct listing, the law says you cannot raise fresh capital, and without underwriters the share price can be volatile. Blank-cheque firms, meanwhile, have a patchy history, with sponsors often awarding themselves piles of shares, although one newcomer, a $5bn-7bn vehicle backed by Bill Ackman, an investor, says it will keep costs low.

    These experiments put pressure on banks and regulators to improve the ipo process. The twist is that they are made possible by frothy markets (see Buttonwood). Some firms that have floated look overvalued—take Nikola, an electric-lorry firm, which has no material revenues but is valued at $16bn after a blank-cheque listing. Entrepreneurs and vcs love getting an easy ride, but they should be under no illusion: over time, the stockmarket hammers weak firms. Shares of Uber and Lyft, ride-hailing firms that floated in 2019, languish 35% and 61% below their listing price. WeWork, an office-rental firm, abandoned its listing last year after being exposed as a dud. By the end of the great flotation boom of 2020, the hope is that America will have established ways to make it easier for firms to go public. But make no mistake, some of the pioneer companies will be flops.■

    Saturday, August 22, 2020

    Software Acquisition Group II files $150M IPO

    The Las Vegas, NV-based Software SPAC, Software Acquisition Group II (SAII) has filed IPO with SEC to raise $150M by issuing 15M units at $10/unit.

    Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

    The second blank check company led by former Ooyala officers, CEO, CFO, and Chairman Jonathan Huberman, and VP of Acquisitions Mike Nikzad would command a market value of $188M at the proposed price.

    The pair's first SPAC, Software Acquisition Group (NASDAQ:SAQNU) went public in November 2019 and recently merged with streaming platform CuriosityStream.

    Thursday, August 20, 2020

    CureVac (CVAC) and EU in advanced talks for 225 million Covid-19 vaccine doses

    • CureVac has said its Covid-19 vaccine could be ready for the public by mid-2021

    Shares of CureVac NV soared Thursday after the German biotech firm said it was in advanced talks for the supply of at least 225 million doses of a potential Covid-19 vaccine to EU member states.

    CureVac said talks with the EC, the European Union’s executive arm, include an option to supply an additional 180 million doses, once the mRNA-based vaccine has proven to be safe and effective against Covid-19, bringing the total to up to 405 million doses.

    The EC is also in talks with Johnson & Johnson (JNJ) and France’s Sanofi (SNY) for their vaccines under development. It also reached an agreement last week with AstraZeneca (AZN) to buy at least 300 million doses of its potential Covid-19 vaccine which it is developing with Oxford University.

    CureVac (CVAC) is specializing in the messenger RNA technology that is the basis of many of the leading Covid-19 vaccine programs, including Moderna Inc. (MRNA) and BioNTech S.E. (BNTX).

    “In the current pandemic, we are very pleased to further strengthen the European Commission’s endeavor to provide rapid access to a safe and effective vaccine against the Covid-19 virus across Europe and beyond,” Franz-Werner Haas, chief executive of CureVac said.

    “Assuming positive results from our ongoing clinical trials and approval from the regulatory authorities, we are fully committed to ensure broad access to our vaccine,” he added.

    Backed by Microsoft founder and billionaire Bill Gates, CureVac listed on the Nasdaq Stock Market on Aug. 14, raising $213 million.

    In July, GlaxoSmithKline PLC (GSK) said it was taking a stake in CureVac, the latest move by a major drugmaker to boost capabilities to fight pandemics. FTSE 100-listed Glaxo said CureVac’s mRNA technology would complement its own capabilities as it inked a deal worth up to £866 million ($1.09 billion).

    Rocket Companies (RKT) : 2-week performance

    The August IPO breaks out higher after confirming that it has scheduled its Q2 earnings report, which will represent co's first quarterly financial release since going public, for September 2; co previously provided preliminary results for the quarter, seeing adj. net revs of $5.3 bln and adj. EBITDA of $3.8 bln. The stock has now added circa +27% during the most recent three sessions.


    Tailwind Acquisition Corp files for $300 Million Blank-Check IPO

    (Bloomberg) -- Casper Sleep Inc.’s chief executive officer Philip Krim has filed to raise $300 million for a blank-check company after seeing shares of the mattress company he founded tumble 30% since its February debut.

    Tailwind Acquisition Corp., a special purpose acquisition company, or SPAC, filed with the U.S. Securities and Exchange Commission on Tuesday to sell 30 million units at $10 each. Jefferies Financial Group Inc. is the sole underwriter for the initial public offering, the filing shows.

    Casper Sleep CEO Philip Krim is the chairman of Los Angeles-based Tailwind Acquisition, which intends to focus on finding targets in consumer internet, digital media and marketing technology sectors, according to the filings. Venture capitalist Chris Hollod is the CEO of the blank-check firm.

    SPAC deals, which rely on the sponsor’s dealmaking expertise, have become charisma-driven investments on Wall Street this year amid pandemic concerns and market volatility. Bill Ackman and Michael Klein are among the big-name financiers who have drawn in big checks with the promise that a good deal will emerge down the line.

    Seventy-four SPACS account for more than $28 billion of the $72 billion raised in IPOs on U.S. exchanges this year, according to data compiled by Bloomberg. While the vast majority of those firms are still jockeying for deals, Boston-based sports-betting company DraftKings Inc. went public in April through a $3.3 billion SPAC deal. Richard Branson’s Virgin Galactic Holdings Inc. went public through a deal in October.

    Casper Sleep, a bed-in-a-box retailer, went public in a $100 million IPO after slashing the target for the listing by more than a third. Its $1.1 billion valuation in an earlier private funding round fell to $476 million in the IPO and has since shrunk to $338 million.

    Monday, August 17, 2020

    Principia Biopharma (PRNB) to be acquired by Sanofi (SNY) for $100 per share in cash

    Sanofi SA has agreed to buy Principia Biopharma Inc. in a deal that values the developer of a promising multiple sclerosis treatment at $3.68 billion, the health-care giant’s latest move to focus more on specialty therapies over mass-market medicines.

     




  • Sanofi (SNY) and Principia Biopharma (PRNB) entered into a definitive agreement under which Sanofi will acquire all of the outstanding shares of Principia for $100 per share in cash, which represents an aggregate equity value of approximately $3.68 billion (on a fully diluted basis). The Sanofi and Principia Boards of Directors unanimously approved the transaction.
  • Under the terms of the merger agreement, Sanofi will commence a cash tender offer to acquire all outstanding shares of Principia common stock for $100 per share in cash for a total enterprise value of approximately $3.36 billion.
  • The consummation of the tender offer is subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of Principia common stock, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary conditions. Following the successful completion of the tender offer, a wholly owned subsidiary of Sanofi will merge with Principia and the outstanding Principia shares not tendered in the tender offer will be converted into the right to receive the same $100 per share in cash paid in the tender offer. The tender offer is expected to commence later this month. Sanofi plans to finance the transaction with cash on hand. Subject to the satisfaction or waiver of customary closing conditions, Sanofi expects to complete the acquisition in the fourth quarter of 2020.

  • ** charts before  **


    ** PRNB **


     


    ** SNY **

    IPOs this week : August 17 - 21, 20 (wk 34)

    IPOs expected to price
    • Harmony Biosciences (HRMY) and INHIBRX (INBX) on August 19. 

    IPO lockup expirations
    Windtree Therapeutics (OTCQB:WINT) on August 18.

    IPO quiet period expirations
    • Jamf (NASDAQ:JAMF), Skillful Craftsman Education (NASDAQ:EDTK) and Montrose Environmental (NYSE:MEG) on August 17 
    • Nurix Therapeutics (NASDAQ:NRIX), Inozyme Pharma (NASDAQ:INZY) and Annexon (NASDAQ:ANNX) on August 18.

    Sunday, August 16, 2020

    CureVac (CVAC) began trading on the Nasdaq on Fri 14 Aug 2020

    CureVac priced 13.3 mln share IPO at $16, the high end of the $14-$16 expected price range
    CureVac BV raised $213 million in its initial public offering (IPO) in New York on Thursday, setting the stage for the first stock market debut of a company developing a promising vaccine to combat the coronavirus.

    • The big draw is its mRNA COVID-19 vaccine candidate, currently in Phase 1 development. Topline data should be available next quarter.
    • Lead program is CV8102, also in Phase 1 development, for the treatment of four types of solid tumors.
    • Earlier this year, CureVac tapped investors, including the German government and GSK, for $640M to support its work against the coronavirus and other diseases.

    Friday, August 7, 2020

    Li Auto (LI) began trading on the Nasdaq on Thur 30 July 20

    The company was formerly known as Leading Ideal Inc. and changed its name to Li Auto Inc. in July 2020.
    • Sector: Consumer Cyclical
    • Industry: Auto Manufacturers
    • Full Time Employees: 2,628
    • Founded in 2015 
    • Headquartered in Beijing, China
    • http://www.lixiang.com







    Oak Street Health (OSH) began trading on the NYSE on Thur 6 Aug 20

    Oak Street Health operates primary care centers serving Medicare beneficiaries.
    • Sector: Healthcare
    • Industry: Medical Care Facilities
    • Full Time Employees: 2,300
    • Founded in 2012 
    • Headquartered in Chicago, Illinois
    • http://www.oakstreethealth.com
    Oak Street Health priced 15.6 mln share IPO at $21.00 per share, well above the expected range of $15-17 per share.

    Thursday, August 6, 2020

    Rocket Companies (RKT) began trading on the NYSE on Thur 6 Aug 20

    • Rocket Companies (RKT) downsized offering by 50 mln shares and prices 100 mln share IPO at $18.00 per share, below the expected range of $20-22 per share


    Rocket Cos. long-awaited initial public offering finally reveals the vast fortune founder Dan Gilbert has built in a city battered by the last financial crisis.

    Shares of the Detroit-based mortgage company rose more than 19% on the first day of trading in New York, pushing Gilbert’s net worth to about $34 billion, according to the Bloomberg Billionaires Index. Thursday’s IPO makes Gilbert, 58, one of the biggest beneficiaries of the era of ultra-low interest rates.

    Rocket is valued at about $40 billion, more than Bank of New York Mellon Corp. or Ford Motor Co. Gilbert owns an estimated 73% of the firm.

    His net worth is more than four times the previous estimate on the Bloomberg index. It means he’s now the 28th-richest person on the planet, ahead of Blackstone Group Inc.’s Stephen Schwarzman, casino magnate Sheldon Adelson and cosmetics titan Leonard Lauder.

    Quicken Loans is the bedrock of Gilbert’s wealth. It’s the largest retail mortgage originator in the U.S., underwriting about $145 billion in 2019. That powered the company to $892 million in net income in 2019. This year -- despite a pandemic -- origination volumes hit a record in March, April, May and June with falling rates encouraging homeowners to refinance.

    Rocket’s IPO makes Dan Gilbert the 28th richest person in the world
    • Gilbert graduated from Michigan State University with a bachelor’s degree and got a law degree from Wayne State University, according to the prospectus. He founded Quicken Loans in 1985, then named Rock Financial, and served as its CEO until 2002.
    • Gilbert sold Rock Financial in 1999 to Intuit, a software company that renamed it Quicken Loans. Gilbert bought the lender back three years later and kept the new name.
    Thursday’s debut on the New York Stock Exchange boosted the net worth of 58-year-old Gilbert to $34.1 billion when the shares closed at $21.51. Quicken, the largest U.S. mortgage lender, originated about $145 billion of home loans last year, according to regulatory filings.

    The boost from the Rocket IPO puts Gilbert’s wealth right behind Michael Dell, the founder and CEO of Dell Technologies, No. 27 in the Bloomberg ranking, and ahead of Colin Huang, at No. 29, the founder and chairman of Pinduoduo, a Chinese e-commerce company backed by Tencent. Huang retired at the age of 33.

    It also puts Gilbert ahead of Chinese real estate tycoon Hui Ka Yan, at No. 30, and Laurene Powell Jobs, at No. 31, who inherited the fortune of her husband, Apple founder Steve Jobs, when he died in 2011. Abby Johnson, CEO of Fidelity Investments, is in the #36 spot.

    Editas Medicine (EDIT) reported earnings on Thu 6 Aug 20 (a/h)

    ** charts before earnings **

    a) Aug. 3: vol. 1.1M $31 -->  +20%


     








    ** charts after earnings **


    Editas Medicine beats by $0.39, beats on revs; provides update; Regains full control of ocular medicines under new agreement with AbbVie
    Reports Q2 (Jun) loss of $0.43 per share, $0.39 better than the S&P Capital IQ Consensus of ($0.82); revenues rose 361.3% year/year to $10.75 mln vs the $6.34 mln S&P Capital IQ Consensus.
    • Regained full control of ocular medicines under new agreement with AbbVie (ABBV).
    • BRILLIANCE trial for EDIT-101 on track to dose at least three patients by end of 2020.
    • Plan to file IND for EDIT-301 for sickle cell disease by end of 2020.
    Editas Medicine regains full global rights to research, develop, manufacture, and commercialize its ocular medicines, including EDIT-101 for the treatment of Leber congenital amaurosis 10
    • These medicines were previously shared within a strategic research and development alliance with Allergan, which has since been acquired by AbbVie. Editas Medicine and AbbVie have terminated the original agreement and entered into a new agreement.
    • J.P. Morgan Securities LLC is serving as exclusive financial advisor to Editas Medicine.