Morphosys Seeks US Listing To Cement Corporate Developments
German biotech Morphosys has filed an F-1 registration statement with the US Securities & Exchange Commission to list the ADSs on the Nasdaq Global Market to raise its profile among US investors and raise up to $150m. Funds will primarily be used to support the company’s ambitions to commercialize MOR208 in the US.
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Only two drug developers launched offerings in April and the average 2018 IPO return was just 9% – half the first quarter average – at the end of last month. Unity's May 1 offering was the 17th biopharma IPO this year.
Pharma and biotech companies raised $4.6bn in the first quarter, exceeding the 2017 quarterly average by $1.4bn. But while the money invested soared, the number of companies funded sank. In public financings, MorphoSys commences US IPO and Mylan sells $1.5bn in notes.
Offerings by Homology, Unum and Genprex at the end of March brought the first quarter's biopharma IPO total to 14 in the US, putting 2018 on track to beat the 2017 total of 42. But with the average return for this year's IPOs dropping, the pace of offerings could slow.