Galderma prices massive $2B Swiss IPO as Boundless readies for $100M US offering

2024-03-21

IPO

While US markets have just started warming up to biotech IPOs this year, the Swiss stock exchange (SIX) on Thursday saw what will most likely be one of the largest public debuts of the year from a drug developer.

Dermatology company Galderma priced its IPO at the high end of its proposed range between CHF49 and CHF53 per share, earning a market capitalisation of CHF12.6 billion ($14 billion) and gross proceeds of CHF2 billion.

The offering comprises 37 million newly issued shares and close to 277,000 existing shares. If the over-allotment option of 5.6 million shares is purchased, the company will raise a total of CHF2.3 billion.

Galderma, which will start trading Friday on SIX, recently presented data at the American Academy of Dermatology (AAD) meeting showing that the every-eight-week dosing schedule of its IL-31 antibody nemolizumab could offer a leg up on Sanofi’s Dupixent (dupilumab) to treat atopic dermatitis. For more, see What you need to know from AAD 2024.

Meanwhile, cancer drug developer Boundless Bio set terms for its upcoming IPO on NASDAQ.

The San Diego-based biotech proposed to sell 6.25 million shares at $15-$17 apiece. At the midpoint, Boundless would raise $100 million and be valued at about $355 million.

With two synthetic lethality programmes in Phase I/II trials, Boundless may have a better IPO performance than that of preclinical genetic medicines company Metagenomi, whose shares are down about 25% from its debut price.

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