Retension Pharmaceuticals, TRex Bio file for US IPO as biotech momentum continues

Eli Lilly and

18/09/2026 23:26

Sept 18 (Reuters) - Drug developers Retension Pharmaceuticals and TRex Bio filed their paperwork for U.S. initial public offerings on Friday, reinforcing the biotech pipeline for the fall window.
The listings would be the latest in a string of biotech IPOs this year, which analysts say has been supported by a wave of acquisitions by large drugmakers.
They will also add breadth to the IPO pipeline for the fall window, which has kicked off on a shaky note as surging bond yields and the Federal Reserve's monetary policy tightening cycle weigh on investor sentiment.
Late-stage drug developer Electra Therapeutics ETRA.O debuted in New York on Friday after raising $350 million in an upsized U.S. IPO.
South San Francisco, California-based TRex is developing medicines to restore immune balance and promote tissue repair in patients with autoimmune and inflammatory diseases.
Its most advanced product candidate, TRB-061, is being developed in a early-stage clinical trial for a variety of autoimmune and inflammatory diseases. Data from the trial is expected in mid-2027.
Drugmaker Eli Lilly LLY.N plans to invest in TRex's IPO, according to its prospectus. 
Elsewhere, Falls Church, Virginia-based Retension is developing medicines to treat hypertension and other cardiovascular diseases. 
RTN-001, the company's only product candidate for hypertension, has shown significant reductions in blood pressure in two mid-stage trials.
J.P. Morgan, Evercore ISI, Cantor, Stifel and Wedbush PacGrow are the underwriters for TRex offering. 
Leerink Partners, Guggenheim Securities, Oppenheimer and Titan Partners are the underwriters for Retension's offering.
Retension and TRex will list on the Nasdaq under the symbols "RTSN" and “TRXB”, respectively.   

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
 ((ArasuKannagi.Basil@thomsonreuters.com;))