Public Equity Report: Biotech quintet raises $1.3B+ via follow-ons

While a trio of biotechs going public on NASDAQ garnered most of the attention late in the week, five other life sciences companies raised more than $1.3 billion collectively through follow-ons, with data catalysts driving some but not all of the pricings.

Adding in more than $700 million from the three IPOs, the $2 billion-plus raised across eight public offerings bodes well after a relatively stop-and-go season for IPOs. Historically, a robust market for follow-ons is one sign that public markets may be increasingly receptive to new biotech listings. Three more biotechs raised PIPEs this week as well...