BioCentury
ARTICLE | Finance

Pop, pop, fizz

Intercept, Kythera, Regulus IPOs show biotech investors need clinical milestones

October 15, 2012 7:00 AM UTC

Three new U.S. IPOs serve as a reminder there is no penalty for not investing in an early stage story that lacks near-term milestones - and investors know it.

Intercept Pharmaceuticals Inc. and Kythera Biopharmaceuticals Inc., both of which have lead products in pivotal testing, priced bumped-up deals at the top ends of their proposed price ranges on Thursday, then closed the day up more than 20%...