Adieu, biotech boom times?
Two of the largest biotech IPOs ever unfolded last week. And, as a bellwether perhaps of biotech tides ebbing, neither did quite that great.
BioNTech, a German maker of patient-tailored, RNA-based cancer immunotherapies, priced its shares at $15 each — raising $150 million overall, and valuing the company at $3.4 billion. However, since its Oct. 10 Nasdaq debut, shares have dropped to $13.82.
Meanwhile, Vir Biotechnology — a San Francisco-based infectious disease drug developer — launched Friday at $20 a share, raising $142.9 million. The shares have since crashed nearly 30% in after-market trading, hovering around $14 a share.
Earlier this month, ADC Therapeutics decided to back out of a planned IPO, citing “adverse market conditions.” Indeed.