Few Signs Of An IPO Slowdown Despite US Biotech Stock Slump
Biotech stock valuations wavered in October with the average IPO return in the US nearing negative territory, but observers say there is still a healthy market for new biopharma offerings in 2018 and into next year.
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US VC investment in biopharma totaled $14.5bn in the first three quarters of 2018, exceeding the full-year 2017 sum of $11.9bn. UK biotech cash also is rising, benefitting new companies like Sitryx.
Allogene launched a $324m IPO to fund development of its allogeneic CAR-T pipeline, bringing its 2018 fundraising total to $744m. Also, GW Pharma's $345m offering tops recent follow-ons.
The average return for the 54 drug developers that went public in the US during first three quarters of 2018 was 13.6% as of Oct. 1 versus 16.9% as of Aug. 31 for the 47 biopharma firms that launched IPOs during the first eight months of this year. September had seven new offerings after just two in August.