IPO Update: Haircuts Needed To Price Biotech 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.
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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.
During a month when only two biotechnology companies have gone public, private drug developers continue to raise hundreds of millions of dollars in venture capital.
Initial public offering activity has been slow as the summer kicks into high gear, but a filing with SEC by Kadmon has peculiarities that promise high drama the likes of which only Sam Waksal could offer.