IPO Update: With No New Offerings, Kadmon Steals The Spotlight
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.
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The three most recent biopharma IPOs are trading at or below their offering prices, but the average return for the 22 drug development firms that have gone public so far this year is holding steady at 11% -- thanks to a pair of super performers that have delivered triple-digit returns.
Two companies in the biopharma space began trading publicly this week, one to pay off debt, the other to fund an early-stage pipeline.
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.