Biotech’s next big IPO has gone quiet

June is looking like a record month for biotech IPOs, with five expected to price this week alone. But the largest offering in the pipeline, from a company called Bridgebio Pharma, appears to have slipped behind its cohort.

Bridgebio, which licenses therapies from other drug makers, submitted its paperwork on May 24, seeking to raise $225 million. That same week saw Akero Therapeutics, Dermavant Sciences, Prevail Therapeutics, and Atreca do the same. Each of those companies has since set its IPO terms, but Bridgebio hasn’t made a peep.

It could be that Bridgebio’s nine underwriting banks are having trouble convincing investors to back its valuation. Or there could be so much demand that Bridgebio is in the process of upping its price. Bridgebio didn’t respond to a request for comment, which is perhaps not surprising, as most companies avoid speaking in public ahead of IPOs in maximum deference to SEC rules.