Finance Watch: Cash Flows Into Public Biopharmas, Including IPOs; Atlas Raises $350m VC Fund
Public biopharma offerings gained momentum, including four IPOs during the last week of June, as US investors looked kindly on the sector ahead of July 4 celebrations. Also, VC investment continued unabated as Atlas Venture closed a new $350m fund.
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Private Company Watch: Neuron23, Neurogene and Locanabio each raised $100m or more, highlighting increased investor interest in novel approaches to neurological diseases. Also, CRO dMed raised $100m and MinervaX brought in $57m for its vaccine to protect newborns.
The average return for the 54 drug developers that went public in the US during first three quarters of 2018 was 13.6% as of Oct. 1 versus 16.9% as of Aug. 31 for the 47 biopharma firms that launched IPOs during the first eight months of this year. September had seven new offerings after just two in August.
The summer slowdown finally seems to have hit the US biopharma IPO market; after a hot July with nine offerings, there were just two during the first half of August. Also, Zogenix leads recent follow-ons with a $312m offering; venture capital planted in UK biotechs – Orchard and Blueberry.