Campbell: There are so many moving pieces to this company since 2015. It's really important for investors who are interested in buying Regeneron to understand both the positives, what the market opportunity could be for its newest drugs, but also some of the risks and the challenges that are facing these drugs. I think a great place to start, Kristine, would be to look at Praluent, which is the first of the three most recently launched drugs. That won approval in summer of 2015 for use in treating bad cholesterol -- high bad cholesterol -- in patients in which it was genetically caused. A pretty tough-to-treat indication. That drug launched with these multi-billion-dollar blockbuster expectations, but it's been a little bit disappointing. It's still selling pretty well, but it's nowhere near what those expectations were.
Apellis Pharmaceuticals, which is developing a novel protein inhibitor for autoimmune and inflammatory diseases, announced terms for its IPO on Monday.
The Crestwood, KY-based company plans to raise $150 million by offering million shares at a price range of $13 to $15. Insiders intend to purchase $70 million worth of shares in the offering (47% of offering). At the midpoint of the proposed range, Apellis Pharmaceuticals would command a fully diluted market value of $750 million.
Another biotech targeting autoimmune and inflammatory diseases, InflaRx ( IFRX ), also launched on Monday morning.
Apellis Pharmaceuticals was founded in 2009 and plans to list on the Nasdaq under the symbol APLS. Citi, . Morgan and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of November 6, 2017.