HBM Healthcare Investments : IPOs of Instil Bio and Connect Biopharma increase net asset value per HBM share by CHF 4.55 (+1.5%)

With Instil Bio (Nasdaq: TIL) and Connect Biopharma (Nasdaq: CNTB), two more private companies from the HBM Healthcare Investments portfolio successfully went public last Friday.

Instil Bio raised USD 320 million in new capital by issuing 16 million shares at a price of USD 20.00 per share. On the first day of trading, the share price rose to USD 26.44 (+32.2%).

HBM Healthcare Investments has invested a total of USD 12.5 million in Instil Bio since June 2020. The investment was previously valued at USD 20.3 million based on the last financing round. A further USD 6 million was invested in the IPO. Following the IPO, HBM Healthcare Investments thus holds 2.2 million shares with a total value of USD 59.1 million.

Instil Bio is developing a cell therapy pipeline with autologous tumour-infiltrating lymphocytes (TIL) for the treatment of cancer. The lead TIL candidate, ITIL-168, is being developed for the treatment of advanced melanoma.

Connect Biopharma raised USD 191.3 million through the IPO by issuing 11.25 million American Depositary Shares (ADS) at a price of USD 17.00 per ADS. The shares closed at USD 18.49 (+8.8%) on the first day of trading.

HBM Healthcare Investments invested USD 10 million in Connect Biopharma in August 2020 and increased its stake by a further USD 5.1 million at the IPO. Following the IPO, HBM Healthcare Investments holds 1.2 million ADS worth USD 22.4 million.

Connect Biopharma develops therapies for the treatment of T-cell related inflammatory diseases. The company has a pipeline of four drug candidates. The two most advanced clinical-stage programmes, CBP-201 and CBP-307, are potentially differentiated product candidates against validated targets for the treatment of atopic dermatitis and ulcerative colitis and Crohn's disease.