With a $3.2bn valuation ahead of its Nasdaq float – and a market cap that is now 50% higher – Legend Biotech enters the IPO record books.
A big valuation at float is no guarantee of ongoing investor support, as a look at the sector’s biggest IPOs reveals.
Biontech and ADC Therapeutics are both heading towards substantial flotations, but it is hard to find evidence that bigger does better.
Perhaps sensing trouble ahead Kiadis diversifies beyond ATIR101 by buying Cytosen, but it is a scientific appointment that will cause real excitement.
A golden age for biotech flotations yielded some spectacular blow-ups, but also saw several groups reward investors with premium-priced takeovers.