Watch these IPOs

Two California biotechs are set to provide the latest referenda of the health of the industry’s IPO market.

South San Francisco-based NGM Biopharmaceuticals is pitching a public offering that would value the company at around $1.1 billion. The company is one of many drug makers trying to take on NASH, the liver disease seen as the industry’s next potential blockbuster opportunity.

Meantime, San Diego-based Turning Point Therapeutics has filed to go public to raise as much as $100 million. The company is conducting early stage safety testing for a type of targeted cancer therapy known as a tyrosine kinase inhibitor. Turning Point hasn’t said much yet about its timeline for going public, so keep an eye out for more details on its plans.

A quick correction: I made an error in last week’s newsletter when I said that there haven’t been any digital health IPOs since October 2016. In fact, while no U.S. companies in the sector have gone public in that period, the Chinese fitness tracker Huami debuted on the New York Stock Exchange in February 2018.

That’s a wrap for this week. Send me a note at rebecca.robbins@statnews.com if there’s something you’d like to see in next Wednesday’s newsletter.