Year's First 4 IPOs Go South As Proteostasis, AveXis Launch
This article was originally published in Scrip
Biotechnology has been the only industry to launch initial public offerings in the US in 2016, and based on the performance of the four drug makers' stocks so far, they may be the only biotech firms to go public this year.
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Proteostasis planned to raise cash this week, but scrapped the offering after an investor that shorted the stock published a scathing report. Also, Arena raised more than $350m in an offering after its positive Phase II etrasimod data, and venture capital flows to biopharma firms with big ideas.
Roivant will use the cash to fund other "Vants" that develop drugs or make the process more efficient. Also, Zealand launches its IPO, Apellis raises a $60m Series E and BioMarin tops recent offerings.
Motif Bio and TiGenix were the 29th and 30th biopharma IPOs in 2016 with the only first-time offerings for November and so far in December, but looking at performance so far this year, IPOs by therapeutics firms in 2016 continue to outperform 2015 offerings.