IPO Update: 58 Drug Developers Raised $12.5bn Through Q3
With Three More In Q4, 2020 Total Reaches 61
Executive Summary
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.
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Finance Watch: Public Companies Pursue All Options To Fund R&D, Launches
Public Company Edition: Follow-on offerings may not be the favored path to funding development programs or product launches after major milestones in the current environment. Amicus secured $430m in a deal with Blackstone, while OPKO’s Modex garnered up to $168m from BARDA.
Finance Watch: No New IPOs, But Two Firms Take The SPAC Route
Public Company Edition: NewAmsterdam grossed $328m in its SPAC merger, while Liminatus may raise up to $316m in a new SPAC deal. Also, Intellia and Iveric grossed $300m each in follow-on offerings, bluebird sold a PRV for $102m and MEI ends zandelisib development resulting in layoffs.
IPO Update: Average Return Turns Negative For Newly Public Biopharma Firms
With 88 initial public offerings in the US through the end of the third quarter of 2021, the biopharma industry is two IPOs ahead of the full-year 2020 total, but with an average return of -4% momentum may slow.