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Tag Archives: PUBLIC BIOTECH – Stats
FOPO – A Late Stage Financing Tool
The follow-on public offering (FOPO) market has been strong for biotech since early last year, but has it been open to companies at all stages of drug R&D? It turns out that FOPOs have been utilized primarily by late-stage biotechs. I recently took a look at FOPOs listed in the Windhover Strategic Transactions database that took place from January 2009 to March 2010. Of the 46 drug development companies that raised over $25M in a Read More >
Is P/E Compression Making Biotech a Bargin?
For the first time in biotech history, price to earnings multiples (P/E based on next year’s projected EPS) for large cap biotechs dropped below the average P/E for the S&P 500 index. Is this a sign that biotech is cheap relative to the market or is it because earnings growth is shrinking, commanding a lower P/E ratio? If we look at end of quarter P/E ratios (price /next 12 months of earnings) for the largest biotech Read More >
Posts from the 9th Annual BIO Winhover & Pharmaceutical Strategic Outlook Conference (Feb 2010)
Did you miss a panel at the BIO Windhover/PSO Conference in New York? Here are links to my notes for five of the panels: NOTES FROM THE EXTERNALIZATION PANEL NOTES FROM THE OPTION DEALS PANEL NOTES FROM THE EARLY-STAGE DEALS PANEL NOTES FROM THE LATE-STAGE DEALS PANEL NOTES FROM THE REIMBURSEMENT PANEL
BTK – A Decade of Change
Do you ever wonder what is really behind the often quoted BTK index (“NYSE Arca Biotechnology Index”)? Especially if it is the index you compare your own company’s stock with on a long term chart? If you compare your favorite biotech with the BTK over a 10 year period, here is what you are up against: CHANGE. When the last decade started, in the peak of the genomics bubble, the BTK was made up of Read More >
Many Biotechs Still Operating at Low Cash Levels
The percentage of public biotech companies that still operate with less than a year of cash is at 38% (see chart). Given that we already lost a number of companies in 2009 due to lack of cash to fund research, this is a high percentage for the remaining companies. This is even more interesting when you consider that 2009 was a big year for Follow-On Offerings (FOPOs) and Private Investments in Public Equity (PIPEs). The Read More >
