IPO Update: Protagonist, Gemphire, Kadmon Launches Fall Flat
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.
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Genocea shifts to preclinical neoantigen-based cancer vaccines rather than advance a Phase III-ready herpes program on its own and Mateon gives up on its lead drug as placebo outperforms. Also, Juno tops recent public company financings and new VC funds back early-stage firms.
The number of US biopharma IPOs during the first 11 months of 2016 – 29 companies went public – is less than half of the 2015 total of 62, but stock performance has improved as investors focus on quality.
Novan and AC Immune ended September with the first biopharma IPOs in 40 days as the performance of newly public companies’ stocks head into an upswing.