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VC Roundup: Annexon, Mersana Benefit As Investors Favor Private Over Public Biotechs

 
• By Mandy Jackson

During a month when only two biotechnology companies have gone public, private drug developers continue to raise hundreds of millions of dollars in venture capital.

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Biotechnology firms that are happy to remain private while US stock market investors continue to thrash public drug developers are benefitting from the industry's ongoing venture capital boom, including Annexon Bioscience Inc., Mersana Therapeutics Inc. and six other US and EU companies.

The Nasdaq Biotechnology Index (NBI) has fallen 33.2% during the past year and only one therapeutics company has gone public this month since Clearside Biomedical Inc. priced its IPO on June 1. Selecta Biosciences Inc. launched an offering at $14 per share on June 21, grossing $70m from the sale of 5m shares. (Also see "IPO Update: With No New Offerings, Kadmon Steals The Spotlight" - Scrip, 16 June, 2016.) It was the 15th drug maker to go public so far in 2016 versus 29 in the first half of 2015 and 41 in the first six months of 2014

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