After Tocagen Thaws IPO Freeze, Verona And Zymeworks Bring April Total To Three
With three biopharma initial public offerings in April, the second quarter is on track to beat the first quarter's total of five IPOs – three in January and two in March – and several more are in the queue.
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Public Company Edition: Of five drug developers expected to go public, four have preclinical or early clinical candidates, while the one that could not find a market for its IPO is in Phase III. Also, Biohaven, Zymeworks and Kura raise $100m or more in follow-on offerings.
US initial public offerings by biopharma firms in 2017 have outpaced the number of IPOs completed in the previous year and as investors continue to see big returns the pace isn't likely to slow in 2018.
Nineteen biopharma firms went public in the US during the first half of 2017, but as the number of IPOs increased, the average return on first-time offerings decreased, raising a key question: can this pace of first-time offerings continue in the second half?