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 four additional initial public offerings on 1 October.

Also, Osmotica licenses rights to ophthalmic drug in Japan, China and the EMEA nations to Santen; Lilly and Chi-Med revise their partnership around colorectal cancer drug Elunate.

While COVID-19 shocked global financial markets and is expected to impact biopharma fundraising, investment in drug developers continues, including through two new venture capital funds totaling nearly $2bn. Also, Coherus issues debt to fund deals and MOMA launches with $86m in VC cash.

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.