Sometimes, biotech investors just don’t understand
When Intrexon went public in 2013, the shares popped 55% to $25 on the first day of trading. This wasn't just because the company aimed to use its gene-editing technology in everything from crops to health care, but also because its founder and CEO, the billionaire Randal Kirk, had sold his previous companies for big premiums.
Yesterday, with shares trading at a third of the IPO price, the company said it will change its name to Precigen and that Kirk would retire as CEO, becoming executive chairman. Under new CEO Helen Sabzevari, the company will focus on developing drugs.
Kirk told STAT’s Matthew Herper that Intrexon’s board felt that the presence of other assets was keeping health-care-focused investors away.
“Technically and scientifically, I’m still excited,” Kirk said. But he said that at the time of Intrexon’s IPO, he didn’t realize the degree to which health care investors just wouldn’t want to own a company that is also gene-editing mosquitoes. “I would have done those as private companies to begin with if I knew then what I know now,” he said.
Yesterday, with shares trading at a third of the IPO price, the company said it will change its name to Precigen and that Kirk would retire as CEO, becoming executive chairman. Under new CEO Helen Sabzevari, the company will focus on developing drugs.
Kirk told STAT’s Matthew Herper that Intrexon’s board felt that the presence of other assets was keeping health-care-focused investors away.
“Technically and scientifically, I’m still excited,” Kirk said. But he said that at the time of Intrexon’s IPO, he didn’t realize the degree to which health care investors just wouldn’t want to own a company that is also gene-editing mosquitoes. “I would have done those as private companies to begin with if I knew then what I know now,” he said.
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