IPO Update: 35 Biopharmas Provide -6.1% Average Return; New Offerings Feel Stock Market Impact
Executive Summary
Only 16 drug developers that went public in the US during the first three quarters are trading in positive territory. While the IPO queue keeps growing, ADC Therapeutics and Monopar cite "market conditions" as they postpone their offerings.
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Finance Watch: Ayala Launches First Biopharma IPO In May
The cancer drug developer raised $55m. Also, Lyra raised $56m in the last of four biopharma IPOs in April, Biogen sold $3bn worth of debt, Oberland raised a $1.05bn fund and Praxis launched with more than $100m.
Finance Watch: Billions Of Dollars In Offerings Despite US Biopharma Stock Slump
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.
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