IPOs

The biotech IPO feast flags as investors lose their appetite for R&D risk

There was a time after the 2008 crash that biotech IPOs were about as popular as snow in March. But from 2013 through 2015 generalist investors got over their fears and jumped into one of the hottest stock games on the planet. Funds chased each other for huge returns. CEOs became overnight millionaires.

Now the market pendulum has swung back as the bears pushed aside the bulls. But that doesn’t mean that the new ice age has begun, either.

With H1 coming to an end tomorrow, Nasdaq has counted 14 biotech IPOs that collectively raked in $878 million, a much reduced figure from the $4 billion raised in 2015 from 42 biotech IPOs they tracked. And it was little compared to the 61 IPOs that raised $4.3 billion during the go-go days of 2014.

That’s not too surprising, given the gale force winds that have been howling in the biotech sector over the last 6 months. A lot of good companies have seen their stock prices fall by half. A hint of bad news now can eviscerate stocks in seconds, and there are a host of companies that are close to or in penny stock territory.

What still draws a crowd on Wall Street? Certainly gene editing. If you look over the list of H1 IPOs Nasdaq offerered me, you’ll see that Editas and Intellia scored in the top ranks of new IPOs. That’s why CRISPR Therapeutics has been setting the stage for an S-1 that’s almost certainly going to shoot for the stars.

China’s BeiGene got the ball rolling with the biggest offering of the year. But with more and more biotechs hanging back to wait for a sunnier investment climate, it’s not unusual to see plenty of discounts on share prices.

There are a couple of biotech IPOs in the queue this week, Syros Pharmaceuticals and Gemphire Therapeutics, which are together hunting about $100 million more.

The music hasn’t died in biotech, but it’s not nearly as loud and urgent as the hit tunes from 2013-2015. — John Carroll, follow me @JohnCendpts


H1 2016 IPOs

Symbol Company Name IPO Date Raise IPO Price
$SELB Selecta Biosciences 6/21/16 $70,000,000 $14.00
$MBRX Moleculin Biotech, Inc. 6/2/16 $9,240,156 $6.00
$MRUS Merus N.V. 5/19/16 $55,000,000 $10.00
$PZRX PhaseRx, Inc. 5/18/16 $18,500,000 $5.00
$ONSIU Oncobiologics, Inc. 5/13/16 $35,000,004 $6.00
$NTLA Intellia Therapeutics, Inc. 5/6/16 $108,000,000 $18.00
$SBPH Spring Bank Pharmaceuticals, Inc. 5/6/16 $11,040,000 $12.00
$AGLE Aeglea BioTherapeutics Inc. 4/7/16 $50,000,000 $10.00
$CRVS Corvus Pharmaceuticals, Inc. 3/23/16 $70,500,000 $15.00
$SNDX Syndax Pharmaceuticals Inc 3/3/16 $52,800,000 $12.00
$AVXS AveXis, Inc. 2/11/16 $95,000,000 $20.00
$PTI Proteostasis Therapeutics, Inc. 2/11/16 $50,000,000 $8.00
$EDIT Editas Medicine, Inc. 2/3/16 $94,400,000 $16.00
$BGNE BeiGene Ltd. Sponsored ADR 2/3/16 $158,400,000 $24.00

2015 IPOs

 

Symbol Company Name IPO Date Raise IPO Price
$MESO Mesoblast Limited Sponsored ADR 11/13/15 $59,836,936 $8.00
$VYGR Voyager Therapeutics, Inc. 11/11/15 $70,000,000 $14.00
$OASM Oasmia Pharmaceutical AB ADR 10/23/15 $9,497,152 $4.06
$DMTX Dimension Therapeutics, Inc. 10/22/15 $65,000,000 $13.00
$SBBP Strongbridge Biopharma plc 10/16/15 $25,000,000 $10.00
$CTMX CytomX Therapeutics, Inc. 10/8/15 $80,000,004 $12.00
$MIRN Mirna Therapeutics, Inc. 10/1/15 $43,750,000 $7.00
$EDGE Edge Therapeutics, Inc. 10/1/15 $80,466,661 $11.00
$RGNX REGENXBIO, Inc. 9/17/15 $138,600,000 $22.00
$BNTC Benitec Biopharma Limited 8/18/15 $13,815,000 $9.21
$GBT Global Blood Therapeutics Inc. 8/12/15 $120,000,000 $20.00
$AIMT Aimmune Therapeutics Inc. 8/6/15 $160,000,000 $16.00
$NTEC Intec Pharma Ltd 8/4/15 $30,150,000 $6.00
$VTVT vTv Therapeutics, Inc. Class A 7/30/15 $117,187,500 $15.00
$NK NantKwest, Inc. 7/28/15 $207,200,000 $25.00
$DNAI ProNAi Therapeutics Inc. 7/16/15 $137,700,000 $17.00
$CHMA Chiasma Inc. 7/16/15 $101,840,000 $16.00
$NTRA Natera Inc. 7/2/15 $180,000,000 $18.00
$MCRB Seres Therapeutics Inc. 6/26/15 $133,749,990 $18.00
$CATB Catabasis Pharmaceuticals Inc. 6/25/15 $60,000,000 $12.00
$NVLS Nivalis Therapeutics Inc. 6/17/15 $77,000,000 $14.00
$AXON Axovant Sciences Ltd. 6/11/15 $315,000,000 $15.00
$BITI Biotie Therapies Corp Sponsored ADR 6/11/15 $55,969,900 $14.88
$GLPG Galapagos NV Sponsored ADR 5/14/15 $210,103,750 $42.05
$LIFE aTyr Pharma, Inc. 5/7/15 $75,040,000 $14.00
$ADAP Adaptimmune Therapeutics PLC 5/6/15 $191,250,000 $17.00
$CLCD CoLucid Pharmaceuticals, Inc. 5/6/15 $55,000,000 $10.00
$OPGN OpGen, Inc. 5/5/15 $17,071,500 $5.99
$BPMC Blueprint Medicines Corp. 4/30/15 $146,625,012 $18.00
$VKTX Viking Therapeutics, Inc. 4/29/15 $24,000,000 $8.00
$CDTX Cidara Therapeutics, Inc. 4/15/15 $76,800,000 $16.00
$ADRO Aduro BioTech, Inc. 4/15/15 $119,000,000 $17.00
$XBIT XBiotech, Inc. 4/15/15 $76,000,000 $19.00
$CLLS Cellectis SA Sponsored ADR 3/25/15 $228,250,000 $41.50
$SMMT Summit Therapeutics PLC 3/4/15 $34,155,000 $9.90
$ITEK Inotek Pharmaceuticals Corporation 2/18/15 $40,002,000 $6.00
$NVTA Invitae Corp. 2/11/15 $101,600,000 $16.00
$NVET Nexvet Biopharma PLC 2/5/15 $40,000,000 $10.00
$ONCE Spark Therapeutics, Inc. 1/30/15 $161,000,000 $23.00
$TCON TRACON Pharmaceuticals, Inc. 1/30/15 $36,000,000 $10.00
$ASND Ascendis Pharma A/S 1/28/15 $108,000,000 $18.00

2014 IPOs

Symbol Company Name IPO Date Raise IPO Price
$JUNO Juno Therapeutics Inc. 12/19/14 $264,550,008 $24.00
$BLCM Bellicum Pharmaceuticals Inc 12/18/14 $139,650,000 $19.00
$HSGX Histogenics Corp. 12/3/14 $65,000,001 $11.00
$NEOT Neothetics, Inc. 11/20/14 $65,100,000 $14.00
$FGEN FibroGen Inc. 11/14/14 $145,800,000 $18.00
$CHRS Coherus BioSciences Inc. 11/6/14 $85,000,050 $13.50
$XENE Xenon Pharmaceuticals Inc. 11/5/14 $36,000,000 $9.00
$DBVT DBV Technologies SA. (ADS) 10/22/14 $92,572,155 $21.64
$PRTO Proteon Therapeutics Inc. 10/22/14 $61,100,000 $10.00
$ATRA Atara Biotherapeutics Inc. 10/16/14 $55,000,000 $11.00
$FWP Forward Pharma A/S (ADS) 10/15/14 $220,500,000 $21.00
$CALA Calithera Biosciences Inc. 10/2/14 $80,000,000 $10.00
$VBLT Vascular Biogenics Ltd. 10/1/14 $40,000,002 $6.00
$VTAE Vitae Pharmaceuticals Inc. 9/24/14 $55,000,000 $8.00
$PRQR ProQR Therapeutics NV 9/18/14 $97,500,000 $13.00
$TKAI Tokai Pharmaceuticals Inc. 9/17/14 $97,200,000 $15.00
$AFMD Affimed Therapeutics BV 9/12/14 $56,000,000 $7.00
$OTIC Otonomy Inc. 8/13/14 $100,000,000 $16.00
$TTOO T2 Biosystems Inc. 8/7/14 $57,200,000 $11.00
$LOXO Loxo Oncology Inc. 8/1/14 $68,399,994 $13.00
$MCUR Macrocure Ltd. 7/31/14 $53,500,000 $10.00
$ORPN Bio Blast Pharma Ltd. 7/31/14 $35,200,000 $11.00
$AAVL Avalanche Biotechnologies Inc. 7/31/14 $102,000,000 $17.00
$IMDZ Immune Design Corp. 7/24/14 $60,000,000 $12.00
$PFNX Pfenex Inc. 7/24/14 $49,999,998 $6.00
$SAGE SAGE Therapeutics Inc. 7/18/14 $90,000,000 $18.00
$CDNA CareDx Inc. 7/17/14 $40,000,000 $10.00
$GBIM GlobeImmune Inc. 7/2/14 $15,000,000 $10.00
$NERV Minerva Neurosciences Inc. 7/1/14 $32,727,270 $6.00
$KITE Kite Pharma Inc. 6/20/14 $127,500,000 $17.00
$ZFGN Zafgen Inc. 6/19/14 $96,000,000 $16.00
$ARDX ARDELYX INC. 6/19/14 $60,200,000 $14.00
$SGNL Signal Genetics Inc. 6/18/14 $8,500,000 $10.00
$RDUS Radius Health Inc. 6/6/14 $52,000,000 $8.00
$ALDR Alder Biopharmaceuticals Inc. 5/8/14 $80,000,000 $10.00
$ALDX Aldeyra Therapeutics Inc. 5/2/14 $12,000,000 $8.00
$VTL Vital Therapies Inc. 4/17/14 $54,000,000 $12.00
$CERU Cerulean Pharma Inc. 4/10/14 $59,500,000 $7.00
$ADMS Adamas Pharmaceuticals Inc. 4/10/14 $48,000,000 $16.00
$AGTC Applied Genetic Technologies Corp. 3/27/14 $50,000,004 $12.00
$VSAR Versartis Inc. 3/21/14 $126,000,000 $21.00
$AKBA Akebia Therapeutics Inc. 3/20/14 $100,000,001 $17.00
$GLMD Galmed Pharmaceuticals Ltd. 3/13/14 $38,304,900 $13.50
$AQXP Aquinox Pharmaceuticals Inc. 3/7/14 $46,200,000
$REPH Recro Pharma Inc. 3/7/14 $30,000,000 $8.00
$CNCE Concert Pharmaceuticals Inc. 2/13/14 $84,000,000 $14.00
$EGRX Eagle Pharmaceuticals Inc. 2/12/14 $50,250,000 $15.00
$FLXN Flexion Therapeutics Inc. 2/12/14 $65,000,000 $13.00
$NRX NephroGenex Inc. 2/11/14 $37,200,000 $12.00
$ARGS Argos Therapeutics Inc. 2/7/14 $45,000,000 $8.00
$EBIO Eleven Biotherapeutics Inc. 2/6/14 $50,000,000 $10.00
$BIOC Biocept Inc. 2/5/14 $19,000,000 $10.00
$GNCA Genocea Biosciences Inc. 2/5/14 $66,000,000 $12.00
$ASPX Auspex Pharmaceuticals Inc. 2/5/14 $84,000,000 $12.00
$QURE uniQure N.V. 2/5/14 $91,800,000 $17.00
$CARA Cara Therapeutics Inc. 1/31/14 $55,000,000 $11.00
$TRVN Trevena Inc. 1/31/14 $64,750,000 $7.00
$RARE Ultragenyx Pharmaceutical Inc. 1/31/14 $120,967,749 $21.00
$CLDN Celladon Corp. 1/30/14 $44,000,000 $8.00
$DRNA Dicerna Pharmaceuticals Inc. 1/30/14 $90,000,000 $15.00
$GLYC GlycoMimetics Inc. 1/20/14 $56,000,000 $8.00

Get Endpoints News in your inbox

Newsletters for those who discover, develop, and market drugs. Join 13,000+ biopharma pros who read Endpoints News every day. Free subscription.

Subscribe

Subscribe to Endpoints

John Carroll, Editor and Co-Founder

We produce two daily newsletters designed to give you a complete picture of what's important in biopharma.

Early Edition is a skimmable digest of original sources you need to see by ~7:15a ET, and our Main Edition is the daily chronicle of biotech, with every story inside the email ~11:55a ET.
2x/weekdays. Privacy policy