Biotech's big IPO week didn't work for everyone

About $600 million changed hands this week as five formerly private biotech companies went public. But one would-be IPO, from Dermavant Sciences, got postponed just hours before the expected pricing yesterday.

Dermavant, which grew from the Roivant Sciences family of license-friendly drug companies, stepped away from $100 million listing that would have valued the company at about $323 million. A spokesperson didn’t respond to a request for comment.

The delay could mean that Dermavant’s bankers didn’t manage to convince enough people to buy into that valuation, which would be bad for Roivant. It’s also possible Roivant was pursuing a dual track, in which you file for an IPO while actively trying to sell a company, and that some high-dollar buyout will soon be announced. Or it’s none of the above and we’ve all wasted our time thinking about this.