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Finance Watch: Genmab Launches This Year's Biggest Biopharma IPO In The US

 
• By Mandy Jackson

Public Company Edition: Genmab raised $505.9m while other 17 July IPOs from Fulcrum and Mirum grossed $72m and $75m, respectively. Also, Horizon sells notes to pay down debt and Inovio reduces its workforce by 28%.

Finance Watch

Initial public offerings by biopharmaceutical companies in the US took a breather during the first two weeks of July as investors took time off around Independence Day, but drug developers – including Genmab AS with the biggest biopharma IPO so far this year – are jumping into the stock market once again.

The Danish company grossed $505.9m from the sale of 2.85m ordinary shares in the form of 28.5m American Depository Shares (ADSs) priced at $17.75 per ADS, before the sale of additional ADSs to meet overallotments, on 17 July. After 28 companies went public during the first half of the year, raising a total of $3bn with an average return of 10%, 31 drug developers now have launched IPOs in 2019 in the US

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