For a Look at IPO Future, Follow the Follow-On?

Three recent IPOs have stoked hopes that a broader IPO market may emerge. The market for follow-on public offerings though says more about a potential IPO resurgence than these recent debuts.

Anyone who looks hard enough for signs of life in what has been biotech's worst public market since 2002 will likely find something. But now the something they find might be real.

It was hardly hard-core biotech, but in early August revenue-generating specialty pharma group Cumberland Pharmaceuticals Inc. raised $85 million in an IPO. [See Deal] Later that same week saw the debut of PE-backed health care IT firm Emdeon Inc. (See "Health Care IPOs: Is That a Breeze?" The IN VIVO Blog, August 12, 2009 [A#8491280417090031339].) And then in late August, some international action stirred the pot further. The more biotech-like D-Pharm Ltd

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