IPO Update: What A Difference A (Pandemic) Year Makes
COVID-19 Paralyzed Market In Q1 2020 But Fortunes Reversed In 2021
Just nine drug developers went public in the US during the first quarter of last year, but with the industry boosted by pandemic response, 32 biopharma companies launched IPOs in Q1 of this year.
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Restructuring Edition: OrbiMed/Foresite and Concentra responded quickly after Theseus implemented a 72% workforce reduction and began a search for strategic alternatives despite having $225.4m in cash. REGENXBIO, Novavax and Lyell also revealed job cuts despite large cash stockpiles.
EQRx has raised at least $750m since it launched in January 2020 and will have $2bn to fund its ongoing development of low-cost drugs after merging with a special purpose acquisition corporation.
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.