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US Biopharma IPOs: Market's Rally Passes Them By

This article was originally published in Start Up

Executive Summary

Continuing the trend from 2010, biopharma initial public offerings in 2011 are running into stubborn resistance from public investors, a frustrating development as markets otherwise soar to pre-recession levels. More often than not, drug companies are squeezing through the IPO window, which reopened in late 2009, by selling more shares at lower prices. The discounts mean companies raise less cash, and they strain beleaguered venture investors who must hold shares longer to reach an attractive exit price.

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Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q1 2011

Biopharma companies raised $3.6 billion in Q1, with almost two-thirds coming from debt sales or follow-on public offerings. Seven of the 19 finalized mergers topped $500 million, but the biggest news was Valeant's attempt to takeover Cephalon. Lilly and BI signed the biggest deal of the quarter when they pooled their diabetes assets in an alliance worth $2.4 billion.

Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q1 2011

Biopharma companies raised $3.6 billion in Q1, with almost two-thirds coming from debt sales or follow-on public offerings. Seven of the 19 finalized mergers topped $500 million, but the biggest news was Valeant's attempt to takeover Cephalon. Lilly and BI signed the biggest deal of the quarter when they pooled their diabetes assets in an alliance worth $2.4 billion.

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