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.
Several young drug developers managed to float in the first quarter, but new issues dried up in March when coronavirus infected the markets. Is the game back on?
Investors in Conatus, and especially those in Newlink, should question how valuations of the groups' reversing acquirers have been calculated.
The device sector enjoyed a mid-year IPO bonanza, but after getting away the class of 2019 had a torrid time.
Private drug developers raised less last year than in 2018, but cash remains plentiful and mega rounds abound.
A stock market rebound created a strong finish for biopharma flotations in 2019, with four $100m-plus floats, led by Phathom Pharmaceuticals.
The period between a device company’s foundation and its acquisition has lengthened over the past few years, and currently stands at more than a decade.
A big valuation at float is no guarantee of ongoing investor support, as a look at the sector’s biggest IPOs reveals.
Only seven drug developers managed to float on Western exchanges in the third quarter, and new issues in October have struggled, with Biontech the latest example.