PIPEs pave path to recovery

The market is finally on its way back, with palpable interest from investors. Unsurprisingly, the hot M&A market has underpinned much of the recovery, with huge amounts of capital now available to recycle into the sector. The takeouts are a validation for both specialists and generalists that the biotech market is healthy again.

PIPEs are once again the canaries in the coal mine of biotech’s recovery but this time they are playing an outsized role in financing biotech’s return. These offerings are almost matching follow-ons for the total amount raised, and so far, largely outperforming in the aftermarket. This analysis explores the numbers, and the dynamics driving these changes...