In Friday IPO doubleheader, Apogee and Sagimet help crack open a stuck window on Wall Street

Mark Fri­day, Ju­ly 14, in biotech’s 2023 year­book. Two drug de­vel­op­ers, Apogee Ther­a­peu­tics and Sagimet Bio­sciences, will join the Nas­daq in up­sized of­fer­ings, a pos­i­tive sign in a 18-month cold stretch for IPOs.

Apogee will be one of the few pre­clin­i­cal-stage star­tups to make a Nas­daq en­try in re­cent quar­ters, af­ter a rush of pre­clin­i­cal list­ings in 2020 and 2021. The au­toim­mune biotech is tar­get­ing the same ter­ri­to­ry as Sanofi and Re­gen­eron’s block­buster treat­ment Dupix­ent. Its of­fer­ing will gar­ner $300 mil­lion in gross pro­ceeds, sell­ing 17.65 mil­lion shares $APGE for $17 apiece, the high end of the range it pro­posed at the be­gin­ning of this week.

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