Finance Watch: Three Newly Public Companies Face Mixed Reception In Early Trading
Pyxis, Theseus And Cognition IPOs Raise $373.2m
Also, two more health care-focused SPACs went public, Centessa obtained up to $300m in debt, three new venture capital funds launched and Intergalactic debuted with a $75m series A round.
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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.
Biotech says rezafungin should best existing echinocandin agents in treatment of Candida pathogen infections, while also offering needed prophylaxis improvements for leukemia and lymphoma patients.
Only 25 more initial public offerings are needed for 2021 to beat 2020’s record-breaking 86 IPOs. However, the average return for this year’s offerings is just 1.1% as of 1 July versus 11% at the end of the first quarter.