BioCentury
ARTICLE | Finance

2Q Financial Market Preview: Steady but unsatisfying

April 4, 2005 7:00 AM UTC

The duration of biotech financing windows historically has been capped at 20 months. The current window is at 21 months, but there’s reason to believe that it can stay open for longer, especially for companies that are already public. Indeed, the story of the second quarter might be that public companies will be able to raise money, while IPO candidates may have to remain in a holding pattern or go the increasingly attractive M&A route.

There have been fewer global IPOs thus far than in the previous two windows going back to September 1995 - 71 rather than the 102 and 103 in the previous two windows - the clear result of an intensely selective buyside. ...