IPOs In Review: Biopharma Offerings Bounced Back In 2017 As Returns Rose
With an average return of 33.2% in 2017, the number of biopharma IPOs that launched last year rose to 42 after falling to 30 in 2016 compared with 62 in 2015. Following a rough fourth quarter for biopharma stocks, will the IPO momentum continue in 2018?
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Public Company Edition: After an initial hit to valuations from COVID-19, massive amounts of money have been raised by drug developers, such as argenx with a $862.5m stock sale. However, only two IPOs launched in the US in May, including ADC with a $267m offering.
Blueprint and Zymeworks raise $300m-plus in follow-on offerings. Also, Arcutis, Black Diamond and Annovis bring the 2020 US IPO count to four; Spring Bank, Surface Oncology and Decibel reveal strategic shifts; and Harmony’s $200m in venture debt leads recent VC deals.
October has not been kind to biotech stocks, but that hasn't stopped drug developers from launching IPOs in the US. Also, Takeda reconfigures debt ahead of Shire deal and other offerings.