ARTICLE | Finance
With nearly $1B raised overnight, quartet of offerings underscore demand for biotech IPOs
Avidity, Burning Rock, Generation Bio and Vaxcyte each raise over $200M, post gains of at least 30%
June 13, 2020 2:29 AM UTC
Five biopharma IPOs raised nearly $1 billion this week, with four of the companies each raising more than $200 million and trading up at least 30% in their first day of trading. The strong debuts provide another reminder of how high the demand is for first listings from biopharmas, with the companies getting out despite a volatile week on Wall Street.
The debuts from a trio of preclinical biotechs -- Avidity, Generation Bio and Vaxcyte -- and Guangzhou cancer diagnostics company Burning Rock late Thursday and early Friday raised a total of $932 million (see “Next Up on NASDAQ”)...