Monday, January 14, 2013
Of at least 24 biotech IPOs in 2012, 10 were
completed in 4Q, raising $309.6 million. For the year, 24 deals raised
$1.1 billion, compared with at least 19 that raised $972.7
million in 2011. The class of 2012 companies are up a median of 22%, led by the
more than 2X increase in market value of Intercept Pharmaceuticals Inc.
(NASDAQ:ICPT). In December 2012, Intercept completed enrollment of 218 patients
in the Phase III POISE trial of its lead compound, obeticholic acid, to treat
primary biliary cirrhosis (PBC). Data are expected in 2Q14.
The 4Q12 IPOs are up 24%, compared to the 4% decline
in the BioCentury 100 last quarter. The index was up 26% in 2012.
(A) In accordance with Taiwanese regulations, shares
are sold at a substantial discount to the price at which they were trading on
the GreTai Emerging market; (B) Includes shares sold in concurrent private
placement; (C) Median percent change; $M; Source: BCIQ: BioCentury Online