MeiraGTx (MGTX) $200M deal with Hologen AI for Parkinson's therapy

 

 

 

 

 

 

IPO: June 8, 2018

Hologen AI commits up to $430M to help take MeiraGTx's Parkinson's gene therapy through phase 3 and beyond

MeiraGTx will partner with Hologen AI to leverage its multimodal generative AI (genAI) models to accelerate Phase III development of the biotech's AAV-GAD gene therapy for Parkinson’s disease. 

The therapy, dubbed AAV-GAD, delivers a gene that codes for the enzyme that makes the neurotransmitter GABA, which is implicated in the characteristic motor dysfunction of Parkinson’s. A small-scale phase 2 readout last October showed that AAV-GAD was able to improve patients' motor ability and quality of life.

Details of the agreement 

MeiraGTx will receive an upfront cash payment of $200 million from Hologen, and together, the partners will launch a joint venture called Hologen Neuro AI. The genAI firm will also contribute $230 million in funding for the JV, which will shepherd AAV-GAD through development to commercialisation. The capital will help support other early-stage clinical programmes targeting the central nervous system (CNS), such as AAV-BDNF for genetic obesity. 

MeiraGTx will retain 30% ownership in Hologen Neuro AI and take the lead on all clinical development and manufacturing. It will form exclusive clinical and commercial manufacturing supply agreements with the JV. 

In turn, Hologen will use its genAI tech to optimise MeiraGTx's manufacturing practices, while gaining a minority stake in the manufacturing subsidiary and contributing to annual funding. 

About Hologen 

Hologen Limited is a world-leading developer of generative AI capabilities for clinical medicine and pharmaceutical drug development. 

The company emerged as a spin-out from University College London and Kings College London. It is privately held.

For more information, please visit www.hologen.ai

ADT Inc. (ADT) : 7-year performance

ADT is an American security company that provides alarm monitoring services for homes and small businesses. The company was founded in 1874 as American District Telegraph by Edward A. Calahan.

ADT currently serves more than 7.2 million residential and business customers, making it the largest monitoring and service company in the United States and Canada, supported by approximately 18,000 employees and visiting approximately 10,000 homes and businesses daily. ADT handles an average of 15 million alarms annually and provides support to its clients from over 200 sales and service locations and through its 12 monitoring centers listed by Underwriters Laboratories.        

• In 2012, ADT became an independent public company. 
• In 2016, Apollo Global Management acquired ADT for nearly $7 billion. 
• January 19, 2018: Less than two years after being acquired and merged with Protection 1 by Apollo Global Management in a deal that took the company private, ADT is a publicly-traded company once again following the launch of its initial public offering on the New York Stock Exchange.

Ticker: ADT

January 19, 2018 IPO:  Although ADT had been looking to raise as much as $2.1 billion by offering 111.1 million shares ranging from $17 to $19 each, the company only offered 105 million shares at a price of $14 each, raising only $1.47 billion in the offering.  As of 2023, Apollo still has a majority share in ADT. 

 

 ADT, Inc. Chief Executive Officer Timothy J. Whall, joined by members of ADT's senior executive team and board of directors, rings the NYSE Opening Bell.

Allakos (ALLK) : topline results from its phase 1 trial of AK006 in patients with chronic spontaneous urticaria

– AK006 did not demonstrate therapeutic activity in CSU

– Allakos will discontinue further development of AK006, reduce workforce by 75% and explore strategic alternatives

 

Allakos Inc., a clinical stage biotechnology company, develops therapeutics that target immunomodulatory receptors present on immune effector cells in allergy, inflammatory, and proliferative diseases in the United States. The company's lead product candidate is AK006, which in a Phase I clinical trial for the treatment of chronic spontaneous urticaria (CSU) and other indications.

• Sector: Healthcare
• Industry: Biotechnology
• Full Time Employees: 131
• Incorporated in 2012 
• Headquartered in San Carlos, California
• https://www.allakos.com

IPO: July 19, 2018; Allakos priced an upsized 7.2 million shares offering at 18, above the expected range of 15 to 17. Shares closed at 31.25, up 73.6% on the first trading day.

Allakos announces topline results from its phase 1 trial of AK006 in patients with chronic spontaneous urticaria and announces restructuring 

• Co announced topline results from its phase 1 clinical trial of AK006 in chronic spontaneous urticaria (CSU).
• "While AK006 was well tolerated, we are disappointed that the preclinical inhibitory effects observed did not translate to clinical benefit in patients with CSU. As a result, the Company has decided to discontinue further clinical development of AK006," said Chin Lee, M.D, M.P.H., Chief Medical Officer of Allakos. "We express our gratitude to all of the patients, clinical trial investigators, and site coordinators in these trials."
• The Company ended the fourth quarter of 2024 with approximately $81 million in cash, cash equivalents, and investments (unaudited).
  
• The Company estimates that cash used in restructuring activities to closeout AK006 development, including severance and contractual payments to vendors, will be approximately $34 million to $38 million. The
• Company also estimates that a significant majority of these restructuring costs will be paid over the first and second quarters of 2025.
• The Company estimates it will have cash, cash equivalents and investments in a range of approximately $35 million to $40 million at June 30, 2025.

U.S.-listed IPOs, annual deal count and value

The value of new U.S. stock listings has only ticked up modestly from 2022, when rapidly rising interest rates and COVID-related distortions in some industries depressed IPO activity.

As of December 31, 2024. Source: Bloomberg Finance L.P.

Aquestive Therapeutics (AQST) : 6-year performance

•  Sector(s): Healthcare
• Industry: Drug Manufacturers - Specialty & Generic
• Full Time Employees: 135
• Headquarters: Warren, New Jersey 
• Founded: 2004
• https://www.aquestive.com

IPO July 25, 2018: 4,500,000 shares of common stock at a public offering price of $15.00 per share.

Gritstone Oncology (GRTS) : 6-year performance

Gritstone bio, Inc., a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases. 

• Headquarters: Emeryville, California
• Founded: August 2015
• IPO: September 28, 2018
• The company changed its name to Gritstone bio, Inc. in May 2021. 
• Ticker: GRTS

Gritstone bio, Inc. has a strategic collaboration with bluebird bio, Inc.; collaboration agreement with Gilead Sciences, Inc.; and license agreement with Genevant Sciences GmbH. 

The company reported on clinical trial outcomes for its cancer vaccine, GRANITE. Although some data were promising, particularly in certain patient subgroups, the overall results were not as compelling as hoped, leading to stock price declines.

On October 10, 2024, Gritstone bio, Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

The company's shares were delisted from Nasdaq following its bankruptcy filing, with trading suspension announced to start on October 22, 2024. The stock symbol transitioned to GRTSQ due to the bankruptcy proceedings.

 

Oct 18, 24:

 

 

GreenSky (GSKY) to be acquired by Goldman Sachs (GS) for $12.11/share

 "Buy now pay later" fintech 

• As Goldman explained it, GreenSky has a network of more than 10,000 merchants and has provided financing solutions for about 4 million borrowers. Acquiring GreenSky will help Goldman expand its presence in a key element of its consumer business.

GreenSky confirms acquisition by Goldman Sachs (GS) for $12.11/share in stock

• Goldman will acquire GreenSky in an all-stock transaction valued at approx. $2.24 billion.
• GreenSky stockholders will receive 0.03 shares of common stock of Goldman Sachs for each share of GreenSky Class A common stock. This represents a per share price for GreenSky Class A common stock of $12.11.
• The transaction is anticipated to close in Q4.

-=Summit Semiconductor (WISA) began trading on the Nasdaq on 27 July 2018

Summit Semiconductor (NASDAQ: WISA), a technology company that delivers the wireless immersive sound experience with patented technology supporting the WiSA™ (Wireless Speaker and Audio) interoperability standard, announced the pricing of its initial public offering of 2,400,000 shares of its common stock at an initial offering price of $5.00 per share, for total gross proceeds of $12.0 million before deducting underwriting discounts and commissions and other offering expenses.
The shares of Summit Semiconductor’s common stock began trading on the Nasdaq stock market under the symbol “WISA” on July 27, 2018. All of the shares in the offering are being offered by Summit Semiconductor. The offering closed on July 26, 2018, subject to customary closing conditions.
 Alexander Capital, LP and WallachBeth Capital LLC., Inc. were acting as co-lead managers for the offering.

=Opera (OPRA), began trading on the Nasdaq on 27 July 2018

Opera (OPRA), the Norway-based maker of web browsers for PCs and mobile phones, went public on July 27 at $12 a share.

Arlo Technologies (ARLO) began trading on the NYSE on 2 August 2018

The San Jose, Calif.-based company makes easy-to-install, wire-free home surveillance cameras, as well as baby monitors and security lights. Since selling its first camera in December 2014, it has sold more than 8.6 million smart connected devices to over 2.2 million registered users in more than 100 countries worldwide.

• Arlo makes home-security cameras that can be accessed remotely, and it also sells additional security services.
• It was spun out of Netgear (NTGR)
• IPO price of $16 a share; opened for trading at $18.50, 15.6% higher; shares jumped 38.1% to close at 22.10.
• Arlo had 48% of the U.S. market for network-connected camera systems in the second quarter by revenue at retail. The company has market leadership in the U.S., U.K., Germany and Australia
• ARLO is growing rapidly and generating impressive financial results but faces the prospect of more intense competition from major players.

Arlo has shipped 7.5 million devices in its history, and its 1.9 million registered users stream a combined 60 million videos a day on average. For information about user engagement on its own platform, Arlo cites Sensor Tower data in its prospectus. The company said that its engagement rate — the number of daily active users divided by the number of monthly active users — equaled 37% in the first quarter of the year.

Competing with the giants
Though Arlo’s products work with Amazon and Google voice assistants, those companies also compete directly against Arlo with their own products. In the risk-factor section of its prospectus, Arlo cites Amazon’s Ring and Google’s Nest as rivals.

“Some of our competitors have substantially greater resources than we do, and to be competitive we may be required to lower our prices or increase our sales and marketing expenses, which could result in reduced margins and loss of market share,” the company disclosed. The prospectus noted that competitor products tend to be “significantly” less expensive than those sold by Arlo.

Netgear, which makes networking hardware, will have more than 50% of the voting power of Arlo’s common stock following the IPO, meaning that Arlo will be a controlled company. That allows the company certain exemptions, including in regards to the number of independent directors on its board and the makeup of its compensation committee.

In its IPO filing, Arlo said that Netgear will continue to provide it some shared administrative, information-technology, and other related services for a fee.

“Our ability to operate our business effectively may suffer if we are unable to cost-effectively establish our own administrative and other support functions in order to operate as a stand-alone company after the expiration of our shared services and other intercompany agreements with Netgear,” the company listed among its risk factors.

Twist Bioscience (TWST) : 3-month performance

Twist Bioscience (TWST) began trading on October 31, 2018, on the Nasdaq Global Select Market. The initial public offering (IPO) priced at $14.00 per share, with 5 million shares being offered to the public.

 

Dell Technologies (DELL) began trading on the NYSE on Fri 28 Dec 2018

• Sector: Technology
• Industry: Computer Hardware
• Full Time Employees: 157,000
• Founded in 1984
• headquartered in Round Rock, Texas
• http://www.delltechnologies.com/en-us/index.htm

Focus Financial Partners (FOCS) began trading on the Nasdaq on 26 July 2018

Focus Financial Partners Inc. provides wealth management services to primarily high net worth individuals and families.

• Sector: Financial Services
• Industry: Asset Management
• Full Time Employees: 2,000
• Founded in 2006 
• Headquartered in New York, New York.
• http://www.focusfinancialpartners.com

Offer size: $615 million
Offer price:  $33

Tencent Music Entertainment Group (TME) began trading on the NYSE on Tue 11 December 2018

• China’s largest streaming service sold ADSs for $13 apiece
• Its $22.9 billion valuation on debut falls short of Spotify’s
• Traders were nervous the market volatility would adversely affect Tencent Music’s public debut.
• By pricing at the low end of the range, instead of valuing the company in the $25 billion to $30 billion range as was talked about a few months ago, Tencent came in closer to $21 billion. 

Tao Sang Tong, center, Chairman of Tencent Music Entertainment, and Cussion Kar Shun Pang, right, the company's CEO, and Guomin Xie, the company's Co-President

CEO Cussion Kar Shun Pang rings the opening bell at the NYSE.

  

Tao Sang Tong, center, Chairman of Tencent Music Entertainment, joins with members of the company for a photo in front of the New York Stock Exchange prior to the Chinese company's IPO, Wednesday, Dec. 12, 2018. (AP Photo/Mark Lennihan)

Tao Sang Tong, left, Chairman of Tencent Music Entertainment, Co-President Guomin Xie, center, and Stacey Cunningham, president of the New York Stock Exchange, strike the bell at the exchange to mark the Chinese company's IPO, Wednesday, Dec. 12, 2018.

Tao Sang Tong, center, Chairman of Tencent Music Entertainment, and Co-President Guomin Xie, right, strike the bell at the New York Stock Exchange to mark the Chinese company's IPO, Wednesday, Dec. 12, 2018. (AP Photo/Mark Lennihan)

 

Tencent Music Entertainment employees pose with the QQ Music mascot for a photo in front of the New York Stock Exchange prior to the Chinese company's IPO

QQ Music is a streaming app provided by Tencent.

China's Tencent Music raises nearly $1.1 billion in U.S. IPO

NEW YORK/HONG KONG (Reuters) - China-based music streaming company Tencent Music Entertainment Group (TME.N) said it raised close to $1.1 billion in its U.S. initial public offering (IPO) after pricing its shares at the bottom of its targeted range.

The music arm of gaming and social network giant Tencent Holdings Ltd (0700.HK) priced its American Depositary Receipts (ADRs) at $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange.

The IPO values Tencent Music at $21.3 billion and shows how companies are defying a bout of market volatility with flotations.

Tencent Music sold 41 million ADRs, while existing shareholders sold a further 40.9 million, the filing said.

Tencent Music’s IPO tops off a bumper year for U.S. listings by Chinese companies, with $7.9 billion raised before Tencent Music’s debut, Refinitiv data showed.

That is the highest amount since 2014, the year of Alibaba Group Holding Ltd’s (BABA) record $25 billion IPO.

Tencent Music’s U.S. IPO is the fourth largest among Chinese firms this year by deal value. Video streaming company iQiyi Inc (IQ.O) leads with its $2.4 billion listing, followed by online group discounter Pinduoduo Inc (PDD) at $1.6 billion and electric vehicle maker NIO Inc (NIO) at $1.15 billion.

Returns for investors have been mixed, with the 31 Chinese IPOs in 2018 down an average of around 11 percent as of Dec. 10, according to data provider Dealogic.

With streaming apps QQ Music, KuGou, Kuwo as well as karaoke app We Sing, Tencent Music is China’s largest online music platform boasting more than 800 million active users monthly.The firm is often compared with Spotify Technology SA (SPOT) but offers more socially interactive services that make it profitable while its Swedish counterpart is not.

Tencent Music initially planned to launch the deal in October but postponed because of a sell-off in global markets roiled by a U.S.-China trade war and fears of slowing global growth.

Tencent Music reported a 244 percent profit jump for January-September to $394 million. By comparison, Spotify lost a net $520 million.

Synthorx (THOR) began trading on the Nasdaq on 7 December 2018

Update Dec 9, 2019:  Sanofi to acquire Synthorx to bolster its immuno-oncology pipeline for $2.5 billion

------

The biopharmaceutical company Synthorx designs proteins for targeted therapeutic modulation of tumors and autoimmune disorders.

Synthorx opened for trading at $15.40 after pricing IPO at $11.

The company issued 9.1 million shares

Moderna (MRNA) began trading on the Nasdaq on 7 December 2018

Moderna, Inc. is a Cambridge, Massachusetts-based biotechnology company that is focused on drug discovery and drug development based on messenger RNA (mRNA). The company creates synthetic mRNA that can be injected into patients to help them create their own therapies.
The pharma is shaping its mRNA platform into prophylactic and cancer vaccines, as well as immuno-oncology, regenerative and systemic therapeutics.
The company was formerly known as Moderna Therapeutics, Inc. and changed its name to Moderna, Inc. in August 2018.

Sector: Healthcare
Industry: Biotechnology
Headquarters: Cambridge, Massachusetts
Number of employees: ~700
Founded: 2010
http://www.modernatx.com

Offer size: $604 million; 21.7 million shares 

Vapotherm (VAPO) began trading on the NYSE on 14 November 2018

• Sector: Healthcare
• Industry: Medical Devices
• Full Time Employees: 276
• Founded in 1993
• HQ in Exeter, New Hampshire
• http://www.vapotherm.com

Vapotherm’s products deliver mask-free, high-flow oxygen support to hospital patients in respiratory distress, using nasal cannulae at volumes up to 8 L/m in infants or 40 L/m in adults, as an alternative to other pressure-based ventilation devices.
The company estimated that more than 1.5 million patients have been treated with its Precision Flow systems, via more than 12,000 installed units, according to its preliminary prospectus filed with the SEC.

Pintec Technology (PT) began trading on the Nasdaq on 25 October 2018

Sector: Financial Services
Industry: Credit Services
Full Time Employees: 362
Founded in 2012
Headquartered in Beijing, China.

http://www.pintec.com