Finance Watch: Summer Heat Extends To Biopharma IPOs With Nine In July, 45 This Year
Public Company Edition: Nine more biopharma companies launched IPOs in the US in July, bringing the 2018 total to 45 first-time offerings – three more than in all of 2017. Bluebird's $632.5m offering leads recent follow-on public offerings.
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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.
BioNTech's $150m offering, after a prior large venture capital financing, gives it the third-largest market cap for a newly public drug developer in the US. Also, Innovent raises $300m in Hong Kong offering, Heron leads US follow-ons and Five Prime restructures to save $20m annually.
Public Company Edition: The prior day's after-hours bad news sent biotech stocks lower on 9 August, and IPOs are taking a breather with the NBI down 2.1% over the past month. However, already public companies are raising cash, including Allakos and Ironwood at $350m each.