Follow-on frenzy

Four bankers who spoke with BioCentury said January’s biotech follow-on market has benefited from positive investor sentiment and an influx of generalists driven by a combination of tax reform and increased M&A.

Biotechs raised $4 billion in a total of 31 follow-ons last month, more than quadrupling the $943.2 million raised in 15 follow-ons last January, and approaching the record-setting total of $4.5 billion raised in 31 deals in January 2015. ...