The IPOX® Update 10/23/23

Roche Acquires Bowel Drugmaker Telavant in $7.1B Deal

Roche, the Swiss multinational healthcare company, has acquired Telavant from Roivant Sciences (Member of the IPOX® 100 U.S. (ETF: FPX),  IPOX® SPAC and IPOX® Health Innovation Index) and Pfizer for $7.1 billion. Telavant, jointly owned by Roivant and Pfizer, has been pioneering a therapy for inflammatory bowel disease. With this acquisition, Roche secures the rights for the drug RVT-3101 in both the US and Japan. This drug targets inflammation and fibrosis, presenting potential applications across various diseases. This acquisition marks Roche's most significant purchase since acquiring InterMune Inc. in 2014. Globally, almost 8 million people are affected by inflammatory bowel disease. (Source)

Plaid's Possible IPO Signals Hope for Fintech Sector

Plaid, the US-based financial technology company, is contemplating an IPO, though the timeline remains uncertain. The firm, which was valued over $13 billion in 2021, continues to grow. Recently, ex-Expedia executive, Eric Hart, has been appointed as Plaid's new CFO. Following the thwarted acquisition by Visa due to antitrust concerns, Plaid managed to secure funding valuing the company at $13.4 billion. Despite challenges in the fintech industry, Plaid's IPO plans have sparked optimism about the sector's future. (Source)

Saudi's PIF Explores IPO for Medical Procurement Firm Nupco

The Public Investment Fund (PIF) of Saudi Arabia is considering an IPO for its medical procurement company, Nupco. Founded in 2009, Nupco specializes in health-care procurement and the distribution of medical equipment. PIF's decision aligns with the Crown Prince's Vision 2030, emphasizing a transformation of the economy, including the health-care sector. The ongoing conflict between Hamas and Israel might affect the Middle East's IPO landscape, potentially influencing oil supplies. (Source)

Seoul Guarantee Cancels $267M IPO Amid Valuation Concerns

Insurer Seoul Guarantee has halted its planned $267 million South Korean IPO due to valuation apprehensions. The parent entity, Korea Deposit Insurance Corp., aimed to secure $267 million through the sale of 7 million shares. This move was anticipated to be South Korea's second-largest IPO of the year and the first insurer listing since 2020. Unfortunately, the IPO market in Seoul faces challenges amidst rising global tensions and concerns over increasing interest rates. (Source)

Spanish Beauty Giant Puig Ponders Potential IPO

Puig, a leading Spanish beauty and perfume firm, is considering a potential IPO as indicated by its Chairman, Marc Puig, in a recent interview with La Vanguardia. The IPO is among various options being weighed as the next generation of the Puig family prepares to assume control. The Puig family will maintain control regardless of the company's structure. Notably, the US is Puig's primary market, followed by the UK, while Spain constitutes just 7% of Puig's total sales. The company boasts renowned brands like Paco Rabanne and Charlotte Tilbury in its portfolio. (Source)

Sunrise Medical Gears Up for IPO

Sunrise Medical, a German wheelchair manufacturer, is preparing for an IPO. Its private equity owner, Nordic Capital, has engaged the services of Bank of America, UBS, and Jefferies. The potential valuation of the company is pegged at €2 billion. The anticipated public listing is set for the first half of 2024, possibly even sooner. An initial IPO, which was planned for the fall, was postponed due to prevailing market conditions. (Source)