Abstract
Investor enthusiasm for the biotech industry boomed in 2018. By the third quarter, both the number of companies to launch their initial public offerings (IPOs) and the amount of money they raised significantly outpaced the numbers in 2017, which itself was a strong year. “We are currently in the longest and most active financing window in biopharma history,” Leerink Partners stock analyst Geoffrey Porges notes in a recent three-part analysis of the IPO market. From 2013 to 2018, the number of companies to go public and the amount of money they raised “were almost comparable to those in the entire preceding history of the biopharma industry,” Porges writes. Not everyone is convinced the abundance of public capital is healthy. Many of the biotech firms taking advantage of the strong IPO market have yet to put a drug in the clinic, points out Brad Loncar, an investor who focuses on cancer
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