With IPOs still the tweets, er, chat of the city, the comparative lack thereof days gone by couple weeks inside our little part of the global world was visible. So forgive us if we were distracted from our IPO pressings by a particular firm that emerged from the roadshow scrum: top Indian film producer Eros International. This week Eros went open public, but only after taking a little haircut, so we amount a far more budget-conscious method of Bollywood spectacle is a better way to go. FOTF is all about self-improvement, if you hadn’t observed. We always make the healthy lifestyle options: organic-lasting olives in the martini, strengthening those ab muscles and buns to a bhangra defeat, and regular salon trips.
Haircuts have been in the news for biotech, too, after a summer months of letting it all go out. Considered the best profile of the existing road-show warriors, Evening after several downgrades – or Relypsa finally costed later last, if you like, a haircut a la Sweeney Todd. 75 million by doubling its stocks offered to 10.7 million and slicing its proposed price range in half.
As of the writing it hasn’t yet costed. Others have flat-out tabled their IPO initiatives: Both gene therapy company Celladon and diagnostic firm CardioDx postponed due to market conditions. That makes three four withdrawals or postponements in the past month. This year are also feeling the pinch Companies that have made it out. Of October At the end, the biotech IPO class of 2013 was the best-performing industry sector, up 47% as a group.
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The past two weeks, however, those post-IPO biotech gains have slipped to 27% and now trail other sectors. Still not too shabby. Who wouldn’t want a portfolio of stocks that are up 27% for the entire year? However the biotech slump, that actually began at the end of summer, is unmistakable.
Is it just a blip, a bump, or could it be a big yellow flag? But here’s something to munch on. Those biotechs that proceeded to go public this spring and summer season? Through December roughly From right about now, their lock-ups are about to end. And a whole bunch of VCs who feel the hot breathing of limited companions on their necks (yuck) will be seeking to cash out. It receives once happen all at, of course. Many endeavor investors are able to cool their heels, as our colleague Stacy Lawrence reported in June.
But many can’t. And what might that do to stock prices? Within an upcoming feature in the Start-Up, Stacy dives into three recent biotech IPOs as well as the recent market dynamics. Two biotechs from the course of 2012 IPOs, Intercept Chimerix and Pharmaceuticals, lately saw their VCs sell straight into the public market, with mixed results on the company’s shares. Will other VCs seeking to sell to the public to be looking down the barrel of a buyer’s market in the coming months?
OrbiMed Advisors’ co-head of global equity Jonathan Silverstein doesn’t think so. 735 million business funds. In the next START-UP, we breakdown the recent IPOs and acquisitions in OrbiMed’s profile to see what helped them sell that new finance. Until then, break it down old-school style. Time for the Electric Slide. At least it’s much better than doing the Biotech Slump.