IPO Update: Three More Biotechs Squeeze Through The Window
What's the best metaphor for the past two weeks of US biotechnology initial public offerings? That would be a sharp intake of air through the teeth – the sound you make when you see someone do something really painful.
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It hasn't been easy for biopharmaceutical firms to go public in the US during 2016, but as of the end of June the scrutiny seems to be paying off – at least for investors in half of this year's first-half initial public offerings.
The two drug developers that managed to launch initial public offerings in the US during the past two weeks had to accept rough haircuts in order to get investors to buy their newly issued stock.
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.