3 Biotechs Are Going Public Today. What to Know About Each.

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Michael Nagle/Bloomberg

Recursion Pharmaceutical,

Akoya Biosciences,


Biomea Fusion

are kicking off life as public companies Friday. 

All three are biotechnology companies or firms that provide technology to biotechs. All three are trading on the Nasdaq.

First up is Recursion Pharmaceuticals, which increased the size of its IPO twice, ultimately raising $436.4 million. The Salt Lake City-based company initially filed on April 12 to sell 18 million shares at $16 to $18 each, which it boosted three days later to 22 million. Recursion upsized the deal again on Friday and sold 24,242,424 shares at $18, the top of its priced range. The company plans to trade under the symbol RXRX on


Goldman Sachs & Co


J.P. Morgan

are lead bookrunners on the deal.

Recursion uses software, algorithms, and machine learning to develop new drugs for oncology, rare genetic diseases like GM2 gangliosidosis, and infectious diseases like C-diff

Like most biotechs, Recursion is not profitable. Losses widened to $87 million for the year ended Dec. 31 from $61.9 million in 2019, a prospectus said. Revenue rose 71% to nearly $4 million in 2020. It had 218 employees.

Akoya Biosciences is also set to open Friday. The company collected $131.6 million after selling 6.58 million shares at $20, the top of its $18 to $20 price range. It plans to trade under the symbol AKYA. J.P. Morgan Securities,

Morgan Stanley,

Piper Sandler,


Canaccord Genuity

are underwriters on the deal. 

Akoya provides spatial biology solutions that help biotech researchers perform tissue analysis and spatial phenotyping. Its customers use Akoya’s technology to understand diseases such as cancer, neurological and autoimmune disorders, as well as other therapeutic areas. 

Losses for Akoya increased to $16.7 million for the year ended Dec. 31 from $14.8 million in 2019, a prospectus said. Revenue was flat at $42.4 million in 2020. It had 169 employees. 

Lastly, Biomea Fusion is also set to begin trading. The Redwood City, Calif.-company also boosted the size of its deal, raising $153 million. It sold 9 million shares at $17 each, up from the 7.5 million shares at $15 to $17 it had planned to sell. Biomea will trade under the symbol BMEA. J.P. Morgan Securities,



Piper Sandler

are underwriters on the deal.

Biomea is developing small molecule drugs to treat patients with genetically defined cancers. Its lead product candidate, BMF-219, treats liquid and solid tumors that are highly dependent on menin (a protein that is believed to play a role in cancer), including leukemias. It plans to file an investigational new drug application for BMF-219 with the U.S. Food and Drug Administration in the second half of 2021.

Losses for Biomea widened to $5.3 million in 2020 from about $1.2 million in losses in 2019, a prospectus said. Biomea has not generated any revenue. It had 12 full-time employees and 11 consultants in 2020. 

Write to Luisa Beltran at [email protected]

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