IPO Update: Seven In January As Big Returns, Solid's Slip-Up Contribute To Bubble Concerns

Seven biopharma IPOs launched in the US in January with an average return of 52.8%. The most recent was Sol-Gel's on Jan. 31, but the largest was a $128m offering by ARMO. Solid had the most controversial IPO, but it still gave investors a 70.7% return, contributing to the question: Is biotech in a bubble?

January was a remarkable month for initial public offerings in the US as seven biopharmaceutical companies launched IPOs and provided a remarkable average return of 52.8%. Even Solid Biosciences Inc., which revealed on the day of its offering that the Phase I/II clinical trial for its lead product candidate is on a partial clinical hold, returned 70.7% to investors as of Feb. 1.

Solid priced its 7.8m shares at $16 each, which was below an earlier range of $18 to $19, to raise $125m on Jan. 25; the offering closed on Jan. 30...

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