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August 05, 2016

Top 20 Biopharma IPOs of January-June 2016

These Companies Went Public and Raised the Most Money

Top 20 Biopharma IPOs of January-June 2016

Despite some successful IPOs, investors are becoming increasingly worried about investing in drug companies as Washington scrutinizes what companies charge for therapies. [© FotolEdhar/Fotolia]

  • GEN’s research turned up some 25 IPOs that launched between January and June of this year. Most of those (19) began trading in the United States, though to be fair, that number included companies headquartered outside the U.S.—including the companies that ranked highest, and number-three, on this year's List.

    Even after those companies were added to seven whose IPOs were pending and two that were postponed or withdrawn as of June 30, the number of biopharmas selling their first public stock between January and June of this year was only about half the 64 IPOs counted by GEN as being launched or pending during the first half of 2015. Two key reasons for the plunge in IPOs: China’s four-month suspension of IPO activity plus a selloff of biotech shares by investors worried that Washington will limit what companies could charge for therapies.

    Biotech investors remain somewhat wary. Despite a strong July, shares of the iShares Nasdaq Biotechnology Exchange-Traded Fund as of July 29 closed at $289.44, 27% below the all-time high of $398 on July 20, 2015. The First Trust New York Stock Exchange Arca Biotech Fund has fallen 24%, to $100.26 on July 29, from a high of $131.45 on July 17, 2015.

    Of this year’s top 20 IPOs, six came from Massachusetts (the largest share), and three each from California and China. At least as encouraging is the spread of IPO companies, with two based in Texas, and one each in Georgia, Illinois, New Jersey, the Netherlands, Switzerland, and India. Companies outside the U.S. accounted for half of GEN’s Top 20 Biopharma IPOs of January-June 2015.

    Below is a list of the 20 largest biotech IPOs that were completed, or at least began trading shares, as of June 30. Each IPO is listed by name of company, amount raised (usually net proceeds), date of completion, number of shares sold and price per share, trading symbol and market(s) where shares are traded. Non U.S.-money amounts were all converted to U.S. dollars. 

    Not included are pending IPOs that have been filed by companies but have yet to be priced or commence trading, as well as IPOs that have been publicly discussed—whether by executives or in news reports—but not yet filed.

    Many of the pending IPOs would be large enough to warrant inclusion on this list had they been launched—such as biosimilar developer Samsung Bioepis’ planned offering, which has been described in South Korean news outlets as potentially reaching KRW 3 trillion ($2.7 billion); and China Resources Pharmaceutical Group, which in late June said it planned to raise $1 billion when its IPO is launched later in the third quarter.

  • #20. Pulse Biosciences

    Amount: $20.25 million in net proceeds 1

    Date: May 18

    Shares/Price per share: 5,749,846 shares at $4 1

  • #19. Oncobiologics

    Amount: $29.8 million in net proceeds

    Date: May 13

    Shares/Price per share: 5,833,334 units at $6. 2

  • #18. GeNeuro

    Amount: $32.3 million (€29.4 million) in net proceeds

    Date: April 15

    Shares/Price: 2,538,500 shares at $14.30 (€13) 

  • #17. Sinco Pharmaceutical Holdings

    Amount: $35.71 million (HK$277.07 million) in net proceeds 3

    Date: March 10

    Shares/Price per share: 400 million shares at HK$0.80 ($0.10) 4

  • #16. Proteostasis Therapeutics

    Amount: $42.887 million in net proceeds

    Date: February 11

    Shares/Price per share: 6.25 million shares at $8

  • #15. Clearside Biomedical

    Amount: $43.9 million in estimated net proceeds 5

    Date: June 2

    Shares/Price per share: 7.2 million shares at $7 5

  • #14. Aeglea Biotherapeutics

    Amount: $47.3 million in net proceeds 6

    Date: April 7

    Shares/Price per share: 5,481,940 shares at $10 6

  • #13. Syros Pharmaceuticals

    Amount: Approximately $50.5 million in estimated net proceeds 7

    Date: June 30

    Shares/Price per share: 4.6 million shares at $12.50 7

  • #12. Syndax Pharmaceuticals

    Amount: $50.6 million in net proceeds 8

    Date: March 3

    Shares/Price per share: 4,809,475 shares at $12 8

  • #11. Merus

    Amount: Approximately $53.3 million in net proceeds 9

    Date: May 19

    Shares/Price per share: 6,139,926 shares at $10 9

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