Biotech financing
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Top European biotech IPOs, 2015<br />
Company<br />
Country<br />
Lead product<br />
clinical stage<br />
Therapeutic<br />
focus<br />
Relevant raised<br />
(US$m)<br />
Post-IPO<br />
performance (as of<br />
29 February 2016)<br />
Adaptimmune United Kingdom Phase II Oncology $191 -58%<br />
Cassiopea Italy Phase II Dermatology $172 -19%<br />
Ascendis Pharma Denmark Phase II Metabolic/Endocrinology $124 -4%<br />
Biocartis Belgium Diagnostic Diagnostic $109 8%<br />
Nabriva Therapeutics Austria Phase II Infectious disease $106 -12%<br />
Camurus Sweden Phase II Multiple $87 24%<br />
OSE Pharma International France Phase III Oncology $65 -28%<br />
Nordic Nanovector Norway Phase II Oncology $64 -60%<br />
Abivax France Marketed Infectious disease $64 -37%<br />
Cerenis Therapeutics France Phase II Cardiovascular $60 -17%<br />
Diurnal United Kingdom Phase III Metabolic/Endocrinology $57 -7%<br />
Curetis Germany Diagnostic Infectious disease $45 -14%<br />
Bone Therapeutics Belgium Phase III Musculoskeletal $41 14%<br />
Kiadis Pharma Netherlands Phase II Oncology $36 -21%<br />
Poxel France Phase II Metabolic/Endocrinology $30 24%<br />
Nuevolution Denmark Preclinical Oncology $30 -51%<br />
Strongbridge Biopharma Ireland Phase III Metabolic/Endocrinology $25 -60%<br />
Redx Pharma United Kingdom Preclinical Oncology $23 -55%<br />
Faron Pharmaceuticals Finland Phase III Respiratory $15 -8%<br />
Biophytis France Phase II Musculoskeletal $11 -8%<br />
Source: EY, Capital IQ and VentureSource.<br />
2014 and 2015 were two of Europe’s most impressive IPO years,<br />
even as the climate lagged behind that of the US. Thirty-three<br />
European companies went public in 2015 (not all of them on<br />
European exchanges, as Nabriva illustrates), down slightly<br />
from 34 in 2014. Total fundraising via IPOs was also down,<br />
from US$1.9 billion in 2014 to US$1.4 billion in 2015, as<br />
was the average amount raised (from US$56 million in 2014<br />
to US$42 million in 2015). UK immunotherapy specialist<br />
Adaptimmune topped the charts with its US$191 million IPO in<br />
May 2015, but like the majority of the top 20 European IPOs,<br />
the company’s share price had fallen as of December 31 relative<br />
to its IPO price.<br />
Beyond borders 2016 — <strong>Biotech</strong> <strong>financing</strong><br />
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