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Latest From John Hodgson
Not all initial public offerings are taken up, even in the best of funding years. Of the 54 life sciences IPOs registered in 1997, 11 (20%) were withdrawn because of pricing issues or lack of interest.
Life sciences investors pumped around $15 billion into 175 biotech, medtech and diagnostics firms that went public during the 2014–16 IPO window. To understand what may be in store for those firms and their backers, In Vivo reexamines the fate of a previous generation of companies, the IPO Class of 1997.
Stada is likely to approve a second takeover bid from equity groups Bain and Cinven soon, at a new price of €66.25 per share; an offer cleared by Germany's stock market authorities despite a ban in the country on repeat acquisition bids within 12 months.
There has been $150bn worth of merger and acquisition activity since 2012 in the generic medicines arena, yet the sector is more fragmented than it was five years ago. CEOs and analysts from the generics sector believe that investor-propelled moves towards greater consolidation have been thwarted by the market agility of smaller companies. And now the cost of M&A has burdened major generics firms with debt.
In this month’s stock column, after the Nasdaq Biotech Index (NBI) shot up over 10% at end of June, Scrip focuses on the biopharma companies that propelled that surge. It looks as if investors have been influenced by the BIO Convention held in San Diego, the industry’s biggest forum for self-promotion.
In a new monthly column, Scrip rounds up events on the stock market, noting trends and exceptional performance both good and bad. This month, the focus is on 30 biopharma companies with market caps above $10bn. Between them, these 30 companies account for approximately 75% of the asset value in the pharmaceutical industry.