IPO Update: Returns Ride Rollercoaster Into Mid-Year As More Biopharmas Take The Plunge
Returns for the 36 biopharma firms that went public in the first half of 2018 – including 14 in June alone – averaged 20.9%, stabilizing after a dip earlier in the year. But while drug developer returns have been on a rollercoaster ride, they're doing better than broader stock indices.
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Public Company Edition: IGM raised $175m to advance its IgM antibodies and Henlius brought in $410m for its novel drug and biosimilar platforms. Also, Acadia follow-on brings in $250m, PTC sells $350m worth of stock and debt, and Karyopharm royalty deal totals $150m.
Is Eidos a goose that could lay a golden egg? BridgeBio wants to own it all, instead of two-thirds, in case its subsidiary's lead program in TTR amyloidosis succeeds in Phase III.
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.