A trio of companies with ties
to prostate cancer company Cougar Biotechnology Inc. have turned to the Form 10
pathway to list on U.S. markets at a time when biotech IPOs are difficult to
complete. But this route may not be for most private biotechs, because
investors typically commit financing prior to a listing, and a diversified
shareholder base is required to move to a major exchange.
The pathway inverts the
traditional IPO route: under Form 10-12G, companies raise money, become
publicly reporting entities and then file to trade on the public markets.