Biotech financing
25WmEet
25WmEet
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US and European biotechnology IPOs by year<br />
Capital raised<br />
Number of deals<br />
8<br />
100<br />
7<br />
6<br />
75<br />
5<br />
4<br />
50<br />
3<br />
2<br />
25<br />
1<br />
0<br />
2000<br />
2001<br />
2002<br />
2003<br />
2004<br />
2005<br />
2006<br />
2007<br />
2008<br />
2009<br />
2010<br />
2011<br />
2012<br />
2013<br />
2014<br />
2015<br />
0<br />
Source: EY, Capital IQ and VentureSource.<br />
The last quarter of 2015 could point to the beginning of the end<br />
in the long-running biotech IPO boom. Still, for the year, 2015<br />
was no slouch. Seventy-eight biotechs went public in 2015,<br />
compared with 95 (the all-time record) in 2014. The 2015<br />
figure was still more than twice the annual average over the<br />
past 15 years (34) and tied 2000 for the second-most ever.<br />
<strong>Biotech</strong>s raised US$5.2 billion in these debut offerings (down<br />
22% from 2014’s US$6.7 billion), the industry’s third-highest<br />
IPO total. The average amount raised was similar to the 2014<br />
mean (US$67 million versus US$71 million), with the top<br />
spots going to oncology-focused NantKwest in the US and<br />
Adaptimmune in Europe. NantKwest’s US$238 million IPO<br />
established a record post-money valuation of US$2.6 billion,<br />
quite a feat for a company with a lead product in Phase 1.<br />
Adaptimmune’s US$191 million raise showcased investors’<br />
ongoing enthusiasm for immuno-oncology. IPOs in the US<br />
accounted for 45 of the deals, of which 34 raised US$50 million<br />
or more and 13 raised at least US$100 million.<br />
Beyond borders 2016 — <strong>Biotech</strong> <strong>financing</strong><br />
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