Finance Watch: Investors Remain Receptive To Biopharma, Health Care SPAC IPOs
Gracell, Cullinan Launch Year’s First Offerings; Seven More Join Queue
Public Company Edition: 2020 started with two $200m-plus initial public offerings plus five health care-focused special purpose acquisition corporations IPOs. Also, a Pfizer initiative backs three public companies, Fate’s $432m offering led recent FOPOs and Biocon Biologics receives more investment.
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IPO Edition: Sana leads the group with a $587.5m initial public offering, while Immunocore and Bolt follow with $200m-plus IPOs. The 10 newly public companies generated a 43.3% average return on 8 Feb.
Biocon Biologics strikes deal with the Clinton Health Access Initiative to provide cost-effective alternatives to pricey reference biologics, beginning with trastuzumab and pegfilgrastim. Savings of over 59% for buyers are expected in some cases.
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.