The market for biotech IPOs is red hot - here are the top 10 of 2018
The stock market has become a debutante ball for the biggest, flashiest, and buzziest biotech companies - some with the hopes of being courted by big pharma.
There have been a total of 47 biotech IPOs in the first nine months of the year, which is already more than both the full years of 2016 and 2017, according to Renaissance Capital, a provider of institutional IPO research. In fact, biotechs accounted for 30% of the total IPOs so far this year, up from 23% a year prior.In total, these biotechs have raised $4.6 billion in capital, with an average first day return of 14%.
Summer in particular brought on a hotbed of activity, with 20 biotechs entering the market between June and August.
Matt Kennedy, a senior IPO market strategist at Renaissance, told Business Insider that the biotech IPO boom can be attributed to a few key reasons: the explosion in pre-IPO funding for biotech companies, the FDA prioritizing fast-tracking drug development and approval, and advances in science that have improved the success of several programs and improved manufacturing abilities.
Here are the 10 biotech IPOs that made the biggest splash.