IPO UPDATE – JANUARY 4th, 2011

Inside BIO Industry Analysis

In 2010 we saw the return of the Biotech IPO. In the US, 17 biotech companies went public, up from 3 in 2009, and only 1 in 2008. However, almost all of them had to accept a lower price than was sought in the initial filing. The average downward adjustment to the amount raised was 25%. The median and mean amount raised in the US in 2010 was $53M and $84M, respectively.

Since the IPO window creaked open in August 2009 (with Cumberland CPIX), we have seen 39 IPOs globally, 20 of them in the US. In Europe, the French have been the most active with 4 IPOs. The most recent IPO in Europe was Denmark’s Zealand Pharma back in November. We counted 12 IPOs in Asia, with 5 of them in China. If Chinese CROs and generics firms are included in the list of Biotech/Pharma IPOs, then the IPO count is much larger.

Looking to 2011: 30 Biotechs have filed to go public. As the list in Table 3 shows, 22 of these are in the US.

Here is the performance of the 20 US IPOs sorted by date of IPO (left to right). Note that Ventrus Biosciences (VTUS) was the most recent US IPO, on December 17th.

Table 1

Table 2

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