Abstract
Continuing a decline that began mid-2015, initial public offerings (IPOs) of stock dropped precipitously in the first quarter of 2016. Just eight companies—the lowest quarterly number since 2009—raised a combined $700 million through U.S. IPOs, reports the investment tracking firm Renaissance Capital. As home to all eight, the health care sector was the only bright spot. But IPOs for these early-stage firms might not have happened were it not for existing investors buying 40% of the shares on average. At Editas Medicine, which is developing therapies around CRISPR gene editing, insiders bought 67% of the $94 million worth of shares it sold in February. U.S. IPOs by Chinese companies were the only ones to garner more than $100 million. The established drug firm Hutchison China MediTech, which has been on the London stock exchange for 10 years, raised $101 million in March. Immuno-oncology drug developer BeiGene amassed $158 million in
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