With the IPO market as bad as it's ever been and acquisitions uncertain, VCs are looking around for alternative exits for their late-stage companies. One strategy being discussed: selling their late-stage start-ups, to PE-backed private-company acquirers -- acquirers which are by and large still to be created. These mega-startups would have access to plenty of capital (just not public capital) and would be looking to build businesses all the way to profitability, at which point these could be sold to someone else or go public in a very liquid offering. But while there's enough money in private equity to accomplish the strategy, it's hardly straightforward - and for now the talk of this alternative path to liquidity through private equity is just that: talk.
Historically speaking, the first half of 2008 has not been the
worst period for biotech IPOs. But it’s damned close.
So far this year there have been at least two IPOs – Bioheart Inc. (which, after a year of...
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AbbVie now expects the two Humira successors to bring in $25bn this year. On its Q2 earnings call, the firm also pointed to strength in neuroscience, with 24% growth.
Cipla’s partnered filgrastim biosimilar is expected to debut in the US in Q2 FY26 and the Indian firm expects an investment return ratio for its biosimilar engine “not too far” from that of a complex generic product amid an enabling regulatory environment.
Celltrion is set to acquire a US biologics manufacturing facility that will "eliminate" its US tariff risks and provide a ready-made production base for future expansion.
Frazier Life Sciences will invest 40%-50% of its new venture capital fund in new biopharma companies financed to develop preclinical drug candidates through clinical proof of concept and, hopefully, M&A.
Helped by their development of novel potential first-in-class therapies, Tcelltech, BioTroy and Xiaolu are among the Chinese ventures to have attracted new funding from investors over the past weeks.
