Novan Inc. on Sept. 20 was the first biopharmaceutical company to launch an initial public offering in the US since Protagonist Therapeutics Inc. went public on Aug. 10 and AC Immune SA followed with an IPO of its own on Sept. 22, ending a summer slowdown with two successful offerings.
Dermatology-focused Novan and the Swiss neurodegenerative disease specialist AC Immune both priced their offerings at $11 per share, which was...