IPO Update: Biopharma Stands Out Among Gloomy US Market
While COVID-19 closed the window for most initial public offerings late in the first quarter, drug developers continue to launch IPOs, generating an average return of nearly 21% year-to-date.
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Just nine drug developers went public in the US during the first quarter of last year, but with the industry boosted by pandemic response, 32 biopharma companies launched IPOs in Q1 of this year.
Biopharma was an attractive investment in 2020 and fundamentals are unchanged in 2021, including the pandemic’s work-at-home requirements, which allowed more companies to go public faster.
Public Company Edition: Three companies postponed or withdrew their offerings, but drug developers continue to pursue IPOs. Also, Biocon, BMS and Epizyme raised money through new debt, Five Prime capitalized on positive data and Synthetic Biologic engaged a strategic advisor.