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.
The collapse of Rubius’s first attempt to demonstrate the worth of its red blood cell platform proves that this company should never have gone public.
The first clinical data from Rubius Therapeutics will show whether its lead project, RTX-134, has a future. More importantly, the readout is a test of its entire red…
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.
The buoyant biopharma IPO scene set several new records in 2018, a notable achievement given the stock market turmoil of the fourth quarter.
Almost $2bn was raised by drug developers in the third quarter, a period that witnessed two of the largest flotations of pre-revenue companies in recent years.
Cell and gene therapy companies dominate the first quarter, but companies outside these fashionable areas are finding it harder to charm VCs.
In terms of venture financing, activity in 2017 outpaced that at the height of the biotech boom in 2015, with 68 biotechs attracted rounds of $50m or more.