IPO Week Ahead: 2 billion-dollar biotechs

Two of the largest-ever biotech IPOs by market cap are scheduled for the week ahead. They are joined by an Illinois bank. The three deals plan to raise a combined $550 million.
Germany-based BioNTech (BNTX) is targeting $251 million at a fully diluted market cap of $4.45 billion. That would make it the third-largest development-stage biotech ever to list in the US, behind July’s Genmab (GMAB), and December 2018’s Moderna (MRNA). The company’s extensive pipeline includes mRNA therapeutics, engineered cell therapies, antibodies, and small molecule immunomodulators. Its lead mRNA candidate is being co-developed with Genentech in a Phase 2 trial for melanoma, with topline data expected in the 1H20. To date, BioNTech has raised $1.3 billion  privately, most recently $324 million in August 2019.
Infectious disease biotech Vir Biotechnology (VIR) plans to raise $150 million at a $2.4 billion market cap. The company’s pipeline consists of five product candidates targeting hepatitis B virus, influenza A, HIV, and tuberculosis. Backed by ARCH Venture, the company is collaborating with Alnylam Pharmaceuticals to develop siRNA candidate VIR-2218 for hep B, currently in Phase 1/2.
Bloomington, IL-based bank HBT Financial (HBT) is raising $149 million at a market cap of $474 million, in the year’s largest US-based bank by IPO proceeds. Operating as Heartland Bank, HBT has 64 branches spread across central and northeastern Illinois. The company generated adjusted net income of $25 million in the 1H19, with an ROTCE of 21.2% and an efficiency ratio of 54%; it plans $0.15 quarterly dividend (3.3% yield).
Potential launches this week include Post protein-supplement spinoff Bellring Brands (BRBR), commercial-stage biotech Innate Pharma (IPHA), and insurance distributor BRP Group (BRP).
Relevant Profiles: BNTX, VIR
https://www.renaissancecapital.com/IPO-Center/News/65311/US-IPO-Week-Ahead-2-billion-dollar-biotechs-and-a-bank