IPO Update: Returns Halved As Two Biopharmas Go Public In April; Unity Is May's First
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.
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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.
The Suzhou-based drug developer brings in new cash as US venture deals take a holiday. Also, France's Genfit may go public in the US, Taiwan Liposome launches its IPO, and Bioblast's strategic review ends in a reverse merger.
There were only two biopharma IPOs in the US during August, bringing the year's total to 47. But with eight new filings in August, launches in September could rival July's total of nine first-time offerings, especially since this average return on this year's IPOs remains in positive territory.