2020 is already the biggest year for biotech IPOs
As of this week, biotech IPOs have raised more money in 2020 than in all of 2019, beating the all-time record by a few billion with about four months to go in the year.
According to the Wall Street Journal, biotech IPOs have amassed about $9.4 billion in 2020. That’s more than double last year and tops the 2018 record of $6.5 billion. And despite all the market enthusiasm, bankers are still managing to leave money on the table: On average, 2020’s IPOs have traded up more than 30% after their debut.
The exuberance around biotech is due in part to the Covid-19 crisis, which has seen the drug industry soar while other sectors have faltered. And it comes just ahead of the first biotech IPO this year with an intrinsic connection to the novel coronavirus. CureVac, a German company at work on a Covid-19 vaccine, is expected to go public later this month. According to its latest regulatory filing, the company intends to raise about $250 million at $16 a share, but if this year's dominant trends hold up, CureVac will be considerably more valuable than that post-IPO.
According to the Wall Street Journal, biotech IPOs have amassed about $9.4 billion in 2020. That’s more than double last year and tops the 2018 record of $6.5 billion. And despite all the market enthusiasm, bankers are still managing to leave money on the table: On average, 2020’s IPOs have traded up more than 30% after their debut.
The exuberance around biotech is due in part to the Covid-19 crisis, which has seen the drug industry soar while other sectors have faltered. And it comes just ahead of the first biotech IPO this year with an intrinsic connection to the novel coronavirus. CureVac, a German company at work on a Covid-19 vaccine, is expected to go public later this month. According to its latest regulatory filing, the company intends to raise about $250 million at $16 a share, but if this year's dominant trends hold up, CureVac will be considerably more valuable than that post-IPO.
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