Maybe biotech IPOs are pandemic-proof
Each day seems to bring a new bad superlative about the stock market, whether something’s the worst since 1987, since 1929, or since ever. And yet for a handful of biotech startups, the threat of a generational economic downturn is no reason to delay going public.
The next one up is Keros Therapeutics, a Massachusetts company expected to price its IPO this week and raise $75 million. As STAT reported last month, Keros filed its IPO plans just days after raising a private round that saved it from running out of cash entirely. That means it doesn’t necessarily need to go public right now, amid a global crisis, but the performance of other recent biotech IPOs might have convinced the company to roll the dice.
Last week, Zentalis Pharmaceuticals raised $165 million and saw its share price trade up. Earlier this month, Passage Bio raised $75 million and has preserved its IPO valuation despite a roughly 9% decline for biotech overall.
The next one up is Keros Therapeutics, a Massachusetts company expected to price its IPO this week and raise $75 million. As STAT reported last month, Keros filed its IPO plans just days after raising a private round that saved it from running out of cash entirely. That means it doesn’t necessarily need to go public right now, amid a global crisis, but the performance of other recent biotech IPOs might have convinced the company to roll the dice.
Last week, Zentalis Pharmaceuticals raised $165 million and saw its share price trade up. Earlier this month, Passage Bio raised $75 million and has preserved its IPO valuation despite a roughly 9% decline for biotech overall.
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