IPO Update: Intellia Launch Shows CRISPR Still Excites While Others Struggle
Intellia Therapeutics Inc. sold more shares in its initial public offering than originally expected and the CRISPR/Cas9 specialist did so at the top of its proposed price range, proving that investors remain excited about gene editing, but have less enthusiasm for other early-stage therapeutics firms.
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Blueprint and Zymeworks raise $300m-plus in follow-on offerings. Also, Arcutis, Black Diamond and Annovis bring the 2020 US IPO count to four; Spring Bank, Surface Oncology and Decibel reveal strategic shifts; and Harmony’s $200m in venture debt leads recent VC deals.
The number of US biopharma IPOs during the first 11 months of 2016 – 29 companies went public – is less than half of the 2015 total of 62, but stock performance has improved as investors focus on quality.
There were four biopharma IPOs in October – Myovant, Ra, CRISPR and AzurRX – but only one was trading above its offering price by the end of the month, reflecting investor uncertainty about the industry.