Biotech financing

US and European biotechnology IPOs by year
Capital raised
Number of deals
8
100
7
6
75
5
4
50
3
2
25
1
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
0
Source: EY, Capital IQ and VentureSource.
The last quarter of 2015 could point to the beginning of the end
in the long-running biotech IPO boom. Still, for the year, 2015
was no slouch. Seventy-eight biotechs went public in 2015,
compared with 95 (the all-time record) in 2014. The 2015
figure was still more than twice the annual average over the
past 15 years (34) and tied 2000 for the second-most ever.
Biotechs raised US$5.2 billion in these debut offerings (down
22% from 2014’s US$6.7 billion), the industry’s third-highest
IPO total. The average amount raised was similar to the 2014
mean (US$67 million versus US$71 million), with the top
spots going to oncology-focused NantKwest in the US and
Adaptimmune in Europe. NantKwest’s US$238 million IPO
established a record post-money valuation of US$2.6 billion,
quite a feat for a company with a lead product in Phase 1.
Adaptimmune’s US$191 million raise showcased investors’
ongoing enthusiasm for immuno-oncology. IPOs in the US
accounted for 45 of the deals, of which 34 raised US$50 million
or more and 13 raised at least US$100 million.
Beyond borders 2016 — Biotech financing
11