Harrow Health, Inc.
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October has not been kind to biotech stocks, but that hasn't stopped drug developers from launching IPOs in the US. Also, Takeda reconfigures debt ahead of Shire deal and other offerings.
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.
The summer slowdown finally seems to have hit the US biopharma IPO market; after a hot July with nine offerings, there were just two during the first half of August. Also, Zogenix leads recent follow-ons with a $312m offering; venture capital planted in UK biotechs – Orchard and Blueberry.
Astellas’ late-stage bet on Aquinox’s urology drug now looks highly unlikely to pay off following the molecule’s “definitive” failure in a Phase III trial, which is also forcing the originator to consider its business and R&D options.
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