The flotation of UK biotech Ark Therapeutics, likely followed closely by Switzerland's Basilea, suggest Europe's public markets are waking up. It's too early, as yet, to call the IPO window open, though. And the string of European hopefuls monitoring Ark's progress and hoping to follow in its wake will have to contend with investors who are far more discerning than during the last upturn. Late-stage products remain attractive, but there are few fixed rules.
Ark Therapeutics PLC's listing on the London Stock Exchange (LSE) in March 2004 was the first biotech IPO in Europe in three years. The company's offering raised £55 million ($102 million) giving Ark a market capitalization on listing of £168 million.
When the company announced its intention to list, all eyes turned to its performance, with some observers declaring this would...
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