Biotech's 2004 IPOs: Better Rewards for VCs?
This article was originally published in Start Up
Executive Summary
The biotech IPO window cracked open slightly last year for seven companies with manageable step-ups-but will the market be more receptive in 2004 to firms seeking bigger windfalls?
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Biotech's New Breed of IPOs
In assessing the sixteen biotechs making their public debuts over the past six months, investors clearly favor companies specializing in development, not discovery. What's more, investors especially prefer those development firms with late-stage products, lots of cash, and possibly even a sizable out-licensing deal.
Modest Step-ups for Biotech's Private Investors
Those venture capitalists with investments in the seven biotech companies that went public this year actually have reason for some degree of satisfaction: on average, they made pretty good money.
Which Private Investors are Cashing Out?
Every venture capitalist is anxious to use the latest IPO window to get his companies liquid. But some firms are more successful than others. At the top of the list there were few surprises--JP Morgan Partners and Alta Partners, with six biotech IPOs each, and MPM Capital with five. But the next group down contained some newer names.