After a record run, fewer biotechs are going public. Here's how they're performing.
Initial public offerings are the lifeblood of the biotech industry. Stock listings give young companies access to the vast amount of cash necessary to advance their drugs through clinical development, and their venture backers a crucial opportunity to earn a return and form new biotechs.
At the start of the last decade, the IPO markets weren't receptive to biotech companies. But by 2013, public investment was pouring into the industry, drawn by scientific advances and boosted by the newfound interest of a broader range of investors.
Biotechs and their backers reaped the rewards for nearly 10 years, as more young drugmakers than ever went public at valuations many times what was typical in the 2000s. In 2021, despite industry disruption from the COVID-19 pandemic, more than 100 biotechs priced an IPO, raising nearly $15 billion in funds.
That momentum has come quickly to a halt, however. Stock prices of newly public companies plummeted in late 2021 amid a sector-wide downturn, weakening interest in biotech offerings. The pace of IPOs stalled, leaving emerging biotechs with a tougher road to the public markets.
Which biotechs make it to Wall Street? Which biotechs create value, and which fail? What types of companies are generating the best returns? Who are their top investors?
Biopharma Dive is tracking these details in the database below, which will be updated regularly. Click on a company to pull up more information, and scroll to the bottom of the page to read how this information was collected and organized. If there's anything we've missed, or any additional information you'd like to see, please reach out and let us know.
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For this story, BioPharma Dive included biotechnology companies that raised funds in an initial public offering on a U.S. stock exchange. We defined biotechs as developers of human medicines. IPOs by special purpose acquisition companies, as well as by diagnostics and medical device makers, aren't included.
Company and investor information was collected from the Form S-1 companies file with the Securities and Exchange Commission before an IPO.
Shareholder names are listed by firm, rather than the specific fund that invested in a company. Individual trusts or holdings that own 50% or more of a company are also noted. In some cases, particularly with smaller IPOs, individual people are listed.
The equity raised before an offering typically consists of both stock and convertible securities, and was collected from the "liquidity and capital resources" and "financing activities" sections of an S-1. Total proceeds refers to the money raised at IPO pricing and doesn't always reflect subsequent exercise of options by underwriters.
Figures for current share price, percent change and market capitalization are pulled from Google Finance. For companies with "N/A," the figures returned by Google Finance do not reflect the correct value and are omitted, or the companies have since delisted or been acquired.
Equity percentages and money raised are rounded to the nearest whole number.
Companies running multi-phase trials, such as a Phase 1/2 study, are listed by the earlier phase.