As Some New Listings Thrive, IPO Pipeline Burgeons
Encouraging results from some early 2013 offerings have led to four new filings in April. If the pattern holds, this year could be a better year for new listings than 2012.
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The New Jersey-based anticoagulant developer cut its share price by roughly two-thirds, but offered more shares to compensate. It’s a big haircut, during a period when some other offerings are exceeding expectations.
With Epizyme as a top performing biotech IPO and bluebird bio primed to go out soon, investor appetite would seem whetted for early stage biotechs on the public market. With improving overall IPO performance, these returns could again become meaningful for more than a few life science VCs.
Despite pricing well below its range and trading down, Ambit could raise $90 million in an IPO and a private placement with existing investors. Also this week, gene therapy company bluebird bio filed for an IPO, and hematology play Portola made the rounds on its investor road show.