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This IPO Window Looks Familiar…
The recent pace of biotech IPOs mimics what the industry saw after the dot.com
crash, with the industry logging one IPO per month on average for the three
years following the crash. There is a near perfect overlay between the
cumulative number of IPOs in the recent 2009-2012 IPO window and the number seen
in 2003-2007 (see chart below). Back in October 2006, three years into the
window, the US had 43 total biotech IPOs. This is uncannily close to the 45
total IPOs we have today, also three years into the new window.
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“I see a
generally
favorable IPO
market
continuing into
2013.
Well-positioned
companies with
intact clinical
development
pipelines and
even some with
commercial
profiles are
making it to the
public markets
on acceptable
terms and
trading well in
the
after-market,
and it’s
encouraging to
see a few
companies in
pre-clinical
development
succeed in the
public markets
as well.”
Peter Reikes,
Vice Chairman, Healthcare Investment Banking,
Stifel Nicolaus Weisel
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If this pattern holds, 2013 could be a banner
year for biotech IPOs. In the fourth year of the
previous IPO window (2007), IPO frequency jumped
to over 1.6 per month. That would put 2013 on
pace for 20 biotech IPOs. Since BIO Industry
Analysis first
presented this overlay back in October 2010,
we have been amazed at how the graphs continue
to match up month-over-month. Given the new Jobs
Act rules for pre-IPO marketing and SEC
compliance, the 20 private biotechs that have
already filed to go public, and the momentum in
the broader biotech index, 2013 could easily
live up to this lofty projection.
“In addition to the overall sector’s strong
public market performance, the IPOs of 2012 have
performed even better on average, giving private
companies hope for successful market debuts.
The Passage of the Jobs Act, the return
pre-clinical company IPOs have shown that the
IPO window may be opening a bit wider than in
recent years.” stated Alan Eisenberg, BIO’s
Executive Vice President, Emerging Companies and
Business Development.
This year’s
BIO CEO & Investor Conference, taking place February 11-12, 2013 at the
Waldorf Astoria New York, will focus on public market biotech companies, which
are having a banner year, outperforming the broader market indices. The
event will feature a new track of company presentations from late-stage private
companies to better showcase the growth opportunities in this area of the
industry. “These private companies represent the future of our industry,
and investors are increasingly finding value in pre-IPO companies, through
crossover investing and other investment vehicles,” added Eisenberg. “This event
is an invaluable opportunity for industry executives to participate in and help
shape the future investment landscape of the biotechnology industry.”
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Upcoming Regulatory Catalysts |
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Expected Date Range |
Company |
Drug, Indication |
Catalyst Title |
11/28/2012 |
Johnson & Johnson |
Bedaquiline, Tuberculosis |
FDA Advisory Committee Meeting |
11/29/2012 |
Exelixis, Inc. |
Cabozantinib, Thyroid Cancer |
PDUFA for NDA - First Review |
11/29/2012 |
Theravance Inc. |
Vibativ, Hospital Acquired (Nosocomial) Pneumonia (HAP) (Antibacterial) |
FDA Advisory Panel Meeting |
Now-11/30/2012 |
Bristol-Myers Squibb Company |
Metreleptin, Lipodystrophy |
PDUFA for BLA - First Review |
Now-11/30/2012 |
LG Life Sciences Ltd. |
LB03002, Short Stature / Growth hormone deficiency |
PDUFA for NDA - First Review |
Now-11/30/2012 |
Protein Sciences Corporation |
FluBlok, Influenza (including vaccines) |
PDUFA - Second Review |
12/4/2012 |
Amgen, Inc. |
Blinatumomab, Acute Lymphocytic Leukemia (ALL) |
FDA Advisory Panel Meeting |
12/4/2012 |
Boehringer Ingelheim GmbH |
Volasertib, Acute Myelogenous Leukemia (AML) |
FDA Advisory Panel Meeting |
12/4/2012 |
GlaxoSmithKline plc |
Trametinib, Melanoma |
FDA Advisory Panel Meeting |
12/4/2012 |
Threshold Pharmaceuticals, Inc. |
TH-302, Sarcoma |
FDA Advisory Panel Meeting |
12/5/2012 |
Johnson & Johnson |
Fibrin Pad, Hemostasis |
PDUFA for BLA - 4th Review |
12/7/2012 |
Zogenix, Inc. |
Zohydro, Chronic Pain |
FDA Advisory Panel Meeting |
12/15/2012 |
GlaxoSmithKline plc |
Raxibacumab, Anthrax Infection (Antibacterial) |
PDUFA for BLA - 2nd Review |
11/25/2012-12/31/2012 |
Novartis AG |
Signifor, Cushing's syndrome |
PDUFA for NDA - 1st Review |
12/01/2012-12/31/2012 |
Takeda Pharmaceutical Company Ltd |
Alogliptin/Metformin FDC, Diabetes Mellitus, Type II |
PDUFA for NDA – First Review |
Now-01/31/2013 |
Novo Nordisk A/S |
Ryzodeg, Diabetes Mellitus, Type II |
PDUFA for NDA - 1st Review |
Now-01/31/2013 |
Novo Nordisk A/S |
Ryzodeg, Diabetes Mellitus, Type I |
PDUFA for NDA - 1st Review |
Now-01/31/2013 |
Novo Nordisk A/S |
Tresiba, Diabetes Mellitus, Type II |
PDUFA for NDA - 1st Review |
Now-01/31/2013 |
Novo Nordisk A/S |
Tresiba, Diabetes Mellitus, Type I |
PDUFA for NDA - 1st Review |
Now-03/31/2013 |
Biotest AG |
Bivigam, Primary Immunodeficiencies |
PDUFA for BLA - 1st Review |
Now-03/31/2013 |
Salix Pharmaceuticals Ltd. |
Crofelemer, Gastroenterologic Disorders |
PDUFA for NDA - First Review |
For more on the state of recent biotech IPOs,
read more
here from BIO Industry Analysis.
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