IPO Update: Will Declining Returns Slow Fast Pace Of Biopharma Offerings?
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.
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Public Company Edition: Three companies postponed or withdrew their offerings, but drug developers continue to pursue IPOs. Also, Biocon, BMS and Epizyme raised money through new debt, Five Prime capitalized on positive data and Synthetic Biologic engaged a strategic advisor.
Public Company Edition: Also, Teva sells $2.1bn in notes to pay prior debts. In restructurings, Baudax splits off from Recro, while three firms shift their focus to specific cell therapy programs.
Public Company Edition: Turning Point's offering priced at $18 and its stock closed at $28.90. Also, Achaogen's bankruptcy reflects difficult antibacterial market, Ophthotech's name change follows strategy shift, and Gilead lays off 150 sales reps. Plus, cell and gene therapy FOPOs flourish.