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Category Archives: Inside BIO Industry Analysis
IPO Update – Jan 2012
2011 ended quietly for the US biotech IPO market. It has now been almost two months without a biotech IPO. The last few IPOs back in November continued the theme that was in place at the beginning of the year – you can get out, but with a -30% haircut. In fact, only two of the 12 IPOs in 2011 raised more than they filed for. This is shown in chart 1 below. The two Read More >
Where’s the Deal?
With only two weeks to go in 2011 it is looking like a five year low for deals. The chart below shows therapeutic deals dropping every year since 2007. We use the Windhover/Elsevier Strategic Transaction Database as our starting point for deal analytics. We analyze each deal to determine if the deal is for a drug asset, removing generic/OTC deals, manufacturing/service deals, device/diagnostics/tools deals, and tech transfer deals. What remains are deals for biotech company Read More >
Just how big is $11 Billion? GILD Acquires VRUS
Seeing the markets open down 2% or more on a Monday morning feels like “business as usual” on Wall Street these days. What is not, is seeing the Nasdaq Biotech Index (NBI) shoot up 4.5% on the same day the markets are cratering. It is very rare these days to find any sector not correlating with the volatile downturns set off by debt laden countries around the globe. So what is behind the inverse correlation Read More >
Public Exits and Virtual Biotechs – Dreams or Reality?
Here at the 10th Annual BIO Investor Forum, investors and CEOs are debating “all the options” for private companies. The first panel of the conference explored the backdoor entrance into public markets as chilly winds continue to blow through the latest IPO window. For the lunch plenary, panelists examined the option to go virtual and make capital efficiency a reality. Reverse Mergers It is no secret that the IPO market for biotechs has been tough. Read More >
Perspective on Market Valuation for Biotech Drug Developers
Of the 300 publicly traded U.S. biotechs, 219 (73%) are developing drugs. The other 27% are working on molecular tools, diagnostics, biofuels, and other biotech endeavors. One question that is often asked with respect to drug-focused biotechs is: How big are they compared to traditional pharmaceutical companies? How many are valued as small start-ups vs large, or mid-size pharmas? It turns out that more than half the sector trades with a market valuation of less Read More >
