IPO Year In Review: Late Rally Gives 50 Newly Public Biopharma Firms A 45.1% Average Return
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.
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Former Novartis CEO Jimenez co-founded Aditum with former NIBR president Mark Fishman; they raised $133m and are launching Tempero Bio. Also, Atea, Galecto and SQZ went public along with one more health care SPAC, Royalty Pharma upped its Vertex royalty revenues and Mirati’s FOPO raised $926.3m.
The average return for companies that went public in the US through the end of September was 49.4% as of 5 October. The fourth quarter started with three additional initial public offerings on 1 October.