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IPO Update: Values Slip As Four More Biopharma Firms Go Public In October

 
• By Mandy Jackson

There were four biopharma IPOs in October – Myovant, Ra, CRISPR and AzurRX – but only one was trading above its offering price by the end of the month, reflecting investor uncertainty about the industry.

Four therapeutics developers completed initial public offerings in the US in October, bringing this year’s total to 28 biopharmaceutical IPOs, but values and returns have slipped for the class of 2016 as biotechnology stocks in general continue their year-to-date slide.

Myovant Sciences Ltd., Ra Pharmaceuticals Inc., CRISPR Therapeutics AG and AzurRx BioPharma Inc. went public in October and only CRISPR Therapeutics ended the month above its IPO stock price. Also, the average return for the 28 therapeutics firms that have priced a first-time offering so far this year was 15.8% as of Oct. 31 – a drop from the 18% average return for 24 newly public companies in Scrip’s last assessment of 2016 IPOs

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