Two hits, a bunt, and a balk: the week in IPOs

Yesterday, once expected to bring four biotech IPOs, turned out to be a mixed bag for the drug industry and its suddenly tenuous relationship with Wall Street.

First, ADC Therapeutics, which sought to go public at a valuation exceeding $1 billion, withdrew its IPO plans the evening prior. Then came Frequency Therapeutics, which raised about $84 million but opened at an 18% discount before rallying to finish the day about 2% below its offering price. Things went considerably better for Viela Bio, which closed 23% above its IPO price, and Aprea Therapeutics, which rose 37% after making its debut.

Next week might be that much more interesting, as a pair of unicorns, BioNTech and Vir, are angling to raise about $400 million combined.