Step-Ups In Gene Therapy IPOs
This article was originally published in Start Up
Though the IPO market has been anything but warm to new biotech stocks over the past few quarters, we've recently seem something of a resurgence in, of all fields, gene therapy.
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While START-UP first noted an industry-wide tendency to overestimate the prices IPO investors were willing to pay in early 2005, IPOs have regularly fallen short of the anticipated price ever since, with few exceptions.
While the venture capital community spent roughly the same in biopharma investments in 2006 as they did in 2005, they put considerably more money into mid-stage companies (Series B and C investments), and slightly less into Series A and mezzanine rounds, than they had in 2005.
The trend of biopharma IPOs eschewing Nasdaq for European and other exchanges reverses modestly in 2006.