Back in January, at the annual J.P. Morgan Healthcare Conference, across hotel lobbies and crowded hallways and standing-room-only cafes, one could hardly escape talk about the biotech IPO boom.
This week's edition of the EuroBiotech Report brings fresh evidence that the U.S. biotech IPO boom has landed on European shores, with other companies from the stable of Circassia-backer Imperial Innovations considering going public and InDex Pharmaceuticals preparing to test the waters in Sweden. And more.
The first two days of trading passed uneventfully, with Circassia's stock fluctuating around the 310 pence ($5.20) per share price it commanded in the IPO to close on Wednesday at 309 pence.
With London biotech Circassia clearing about $332 million in a record-breaking U.K. IPO, a spate of other European life sciences outfits sit stage left with eyes on the public markets, stoking hopes that the stateside fervor over drug developers could cross the ocean and line their pockets.
In the first major U.K. biotech IPO in a decade, Circassia has managed to raise a whopping $332 million from its debut on the London Stock Exchange, raising the prospect of more such offerings in a sector that has been long beaten down by a series of industry setbacks.
With the U.S. market for biotech IPOs still roiling, the U.K.'s Circassia is planning to test whether there's a complementary appetite across the Atlantic, planning a huge $285 million offering on the London Stock Exchange to get its allergy immunotherapies through clinical study.
European financial markets have largely missed out on the biotech IPO boom, with the few local companies to go public traveling to the U.S. to file their papers. Now British vaccine developer Circassia is to test investor appetite in the United Kingdom with a bumper $285 million IPO.
With several Phase II studies now under its belt, Circassia has completed an impressive fourth round of venture financing, raising $98 million in one of the biggest VC gambles of the year as the