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Illustration: Lazaro Gamio/Axios

ORIC Pharmaceuticals, a developer of therapies for treatment-resistant cancers, raised $120 million in its IPO. The San Francisco-based company priced 7.5 million shares at $16, versus initial plans to sell 5 million shares at between $14-$16, giving it an initial market cap of $441 million.

Why it matters: This reflects how the IPO market remains open for biotech startups and SPACs, likely because neither type of issuer has any revenue to lose from pandemic closures.

  • ROI: ORIC had raised $173 million in VC funding from firms like The Column Group (22.4% pre-IPO stake), Topspin Fund (15.6%), OrbiMed (11.7%), and EcoR1 Capital (5.8%).

The bottom line: "The discovery of ORIC’s lead experimental drug stemmed from work done by co-founder Charles Sawyers. Previously Sawyers was involved in the discovery of enzalutamide, which aims seeks to slow tumor cell growth by blocking androgens from binding with the androgen receptor. (Androgens, male sex hormones, prompt prostate cancer cell growth.) Another company co-founder, Scott Lowe, is a colleague of Sawyers and an expert in tumor networks and the factors in cancer cells’ response to treatment." — Sarah de Crescenzo, Xconomy

Go deeper: Meet the startups that have raised more than $1 billion

Go deeper

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.

9 hours ago - World

U.S. strikes Iran-backed militia facilities in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.