As part of its review, the FDA requested
additional information that has pushed the
review deadline from March 25 to June 25.
Proceeds from the overnight stock sale will
help bridge the gap and provide funds for
the drug’s commercial launch.PROCORE SHOWS ITS HANDPROCORE TECHNOLOGIES added its name to the
)0/ûQUEUEûBYûlLINGûPUBLICLYûWITHûTHEû3%#ûONû
February 28, positioning it to launch later
this month despite intrepid market
conditions.
The cloud-based construction
management software platform could
BECOMEûONEûOFûTHEûlRSTûSOFTWAREûDEBUTANTESû
of 2020.
Though software companies are a
mainstay of the US IPO market, none have
priced so far this year apart from biotech/
software hybrid Schrodinger.
Goldman Sachs, JP Morgan, Barclays and
Jefferies lead a syndicate of 10 banks on the
COVERûOFû0ROCORESûlLING
Though volatile markets are prompting
many IPO aspirants to put their plans on
hold, Procore’s growth credentials and scale
may make it one of the more bankable deals
in the pipeline.
,ASTûYEARûTHEûlRMûINCREASEDûREVENUESûû
to US$289.2m and reported gross margins of
82%, though it also reported a net loss of
US$83.1m.
Procore, whose biggest shareholder is
VENTUREûlRMû)#/.)1û3TRATEGICû0ARTNERSû
ûlRSTûlLEDûCONlDENTIALLYûONû
November 21.
The company closed a US$95m Series I
funding round in January that valued it at
nearly US$4bn.Procore’s platform helps customers
manage construction projects by simplifying
WORKmOWSûANDûENABLINGûCOLLABORATION
Competitors include construction
management products sold by Oracle,
Autodesk and Trimble as well as accounting
software vendors such as ComputerEase
Software, Foundation Software and Jonas
Software.
Procore estimates the potential market
opportunity for its products at about
US$9.4bn.
The company “may be the most exciting
VERTICAL
SPECIlCû3AA3ûCOMPANYûTOûlLEûSINCEû
Veeva did so in 2013, which has had an
incredible run,” wrote Alex Clayton, the
general partner of Meritech Capital
Partners. “It wouldn’t be surprising to see
Procore follow their path.”ORIC JOINS BIOTECH IPO BACKLOGCancer drug developer ORIC PHARMAûlLEDû
paperwork this week for a US$86.3m IPO
that could price later this month.
JP Morgan, Citigroup, Jefferies and
Guggenheim Securities are joint bookrunners
on the offering.
ORIC has similarities to BLACK DIAMOND
THERAPEUTICS and REVOLUTION MEDICINES (up 85%),
two cancer drug developers that went public
earlier this year.
ORIC, an acronym for Overcoming
Resistance in Cancer, is designing drugs
with the potential to counteract defence
mechanisms found in cancer cells that cause
drugs to lose their potency over time.
Its lead drug is being tested in concurrent
Phase I trials in combination with FDA-
approved cancer drugs Abraxane (solid
tumours) and Xtandi (prostate cancer).ORIC expects to report data from both
trials in 2021. The biotech also hopes to
launch a Phase I trial for a proprietary
treatment for solid tumours by the end of
next year.
ORIC had US$89m of cash as of December
31, after raising US$56m from a Series D
round last July.
The Column Group, a San Francisco-based
biotech VC, is the top shareholder with a
22.4% pre-IPO stake. TopSpin Partners and
OrbiMed also own sizeable stakes at 15.6%
and 11.7%.
Fidelity is notable on the list of ORIC’s
sub-5% shareholders because of its long
history as a crossover investor in the biotech
space.
ORIC also has M&A potential because its
founders Charles Sawyers and Richard
Heyman previously led Aragon and Seragon
until they were respectively acquired by
Johnson & Johnson (US$1bn) in 2013 and
Roche (US$1.7bn) in 2014.PULMONX FILES FOR US$86m IPOPULMONX, maker of the FDA-approved Zephyr
Valve treatment for lung diseases like
chronic obstructive pulmonary disease
#/0$ ûANDûEMPHYSEMA ûHASûlLEDûFORûANû
US$86.3m IPO to offset sales and marketing
costs.
Bank of America and Morgan Stanley are
JOINTûBOOKRUNNERSû4HEû)0/ûlLINGûPUTSû
Pulmonx on track to go public this
MONTHûAFTERûlLINGûCONlDENTIALLYûINû
December.
The Zepyhyr Valve was approved in 2018
to treat COPD patients and is commercially
available in more than 25 countries.
Pulmonx reported an operating loss ofInternational Financing Review March 7 2020 85EQUITIES AMERICASECM DEALS: WEEK ENDING 6/3/2020
Stock Country Date Amount Price Deal type Bookrunner(s)
GFL Environmental Canada 03/02/2020 US$1.43bn US$19 IPO (primary, secondary) JP Morgan, BMO CM, Goldman Sachs,
RBC CM, ScotiaCapital
China Bright Culture China 03/05/2020 HK$900m HK$2.25 IPO (primary) BoCom International, Haitong International
China Tower China 03/05/2020 HK$1.2bn HK$1.95 Follow-on (secondary) CICC
Microport Scientific China 03/06/2020 HK$967m HK$13.50 Follow-on (secondary) Jefferies
Biomerieux France 03/03/2020 €49.2m €82 Accelerated bookbuild (secondary) BNP Paribas
TeamViewer Germany 03/03/2020 €704m €32 Accelerated bookbuild (secondary) Goldman Sachs, Morgan Stanley
SBI Cards and Payment Services India 03/06/2020 Rs103bn Rs755 IPO (primary, secondary) Axis Bank, BofA, HSBC, Kotak, Nomura, SBI Capital
Hokuetsu Japan 03/04/2020 ¥2.7bn ¥393 Follow-on (secondary) SMBC Nikko
Cibus Nordic Real Estate Sweden 03/04/2020 SKr866 SKr142.50 Accelerated bookbuild (primary) Swedbank/Kepler Cheuvreux, Pareto
SIG Combibloc Switzerland 03/04/2020 SFr539.6m SFr14.20 Accelerated bookbuild (secondary) BofA, Citigroup, Credit Suisse, Goldman Sachs
Urban Logistics UK 03/05/2020 £136.1m 137.5p Follow-on (primary) N+1 Singer, Panmure Gordon
eHealth US 03/03/2020 US$207m US$115 Follow-on (primary) RBC Capital Markets, Credit Suisse, Deutsche Bank
Evoqua Water Technologies US 03/05/2020 US$253.5m US$19.50 Follow-on (secondary) Credit Suisse, RBC CM, JP Morgan, Citigroup,
Goldman Sachs, Baird
Karyopharm Therapeutics US 03/03/2020 US$150m US$24 Follow-on (primary) JP Morgan, Morgan Stanley, Jefferies
Keurig Dr Pepper US 03/04/2020 US$1.09bn US$27.25 Accelerated bookbuild (secondary) Morgan Stanley
Zogenix Therapeutics US 03/03/2020 US$200m US$23.50 Accelerated bookbuild (primary) SVB Leerink, Stifel
Flying Eagle Acquisition US 03/05/2020 US$600m US$10 IPO (primary) Goldman Sachs
LifeSci Acquisition US 03/05/2020 US$60m US$10 IPO (primary) Chardan Capital10 IFR Equities and SE 2323 p 77 - 87 .indd 85 06 / 03 / 2020 19 : 36 : 30