Finance Watch: Mineralys Raises $192m In Year’s Biggest IPO So Far

Despite Market’s Embrace, Restructuring Continues

 
• By Mandy Jackson
  
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Public Company Edition: Mineralys launches the second $100m-plus initial public offering of 2023 and trades higher in its first day. Also, Collegium sells $210m worth of notes, Eliem cuts 55% of its jobs at it shifts to preclinical and Aligos de-prioritizes hepatitis B while reducing its workforce another 10%.  

Finance Watch Public Company
• Source: Alamy

Mineralys Therapeutics, Inc., which launched the largest biopharmaceutical company initial public offering so far this year late on 9 February, was an ideal IPO candidate under current market conditions and investors enthusiastically supported the company’s public market debut. With positive Phase II results in November and plans to move its hypertension drug candidate into Phase III, Mineralys has an asset with upcoming milestones to keep investors interested.

Radnor, PA-based Mineralys priced 12 million shares at $16 each to gross $192m, which was 2 million more shares than...

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