Finance Watch: Gossamer, Alector And Harpoon Launch First Biopharma IPOs Of 2019
Public Company Edition: Grossing $276m, Gossamer would have been the third-largest biopharma IPO in the US if it had launched last year. Also, recent public company financings include debt and follow-on offerings; and two more firms cut jobs – Capricor and Seres.
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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.
First-time offerings by drug developers fell from 2018 when 67 launched, but IPO investors’ fortunes improved with a year-end rally providing a 45.1% return versus a 7.5% loss in the prior year.
Private Company Edition: Omega raised $438m for its sixth life science fund, while Perceptive and the accelerator Xontogeny partnered on a new $210m venture capital fund. In VC deals, Zentalis and Black Diamond raised $85m each.