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IPO Update: Three More Biotechs Squeeze Through The Window

 
• By Mandy Jackson

What's the best metaphor for the past two weeks of US biotechnology initial public offerings? That would be a sharp intake of air through the teeth – the sound you make when you see someone do something really painful.

During the second and third weeks of May, three therapeutics developers squeezed through the IPO window, which isn't letting as many companies through as it did between 2013 and 2015. After setting terms at the low end of a single-digit stock price range, slashing proposed share prices, and adding warrants to slimmed down offerings, PhaseRx, Merus BV and Oncobiologics Inc. launched into the public market and provided an average loss of 3.4% as of May 20.

To be fair, the Cranbury, New Jersey-based biosimilar developer OncoBiologics was the only one out of the three to generate a negative return and the company has been trading on...

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