Biotech IPOs were sluggish in the third quarter, with only seven companies successfully completing their offerings on U.S. exchanges, raising a collective $396 million in the process, according to BioWorld analysis. That was 42 percent below the 12 biotech IPOs, raising $1.35 billion in the third quarter last year and 36 percent off the 11 companies completing their offerings in the second quarter this year, raising $564 million. Although it looks as though investors are not supporting new biotech issues as once they were, there was, however, a notable improvement in the IPO market in general with tech companies finding considerable support. Read More
Financings in the biopharma sector were decidedly better in the third quarter compared to their dismal showing during the second quarter. The total generated from public and private transactions were well over double the amount that was raised in the second quarter. In the period, investor confidence returned, fueling a broad market rally after its tumble following Brexit and that helped the biotech sector. The strong showing has helped bring the year-to-date financings to $25 billion.) Read More
