Industry welcomes resurgence of IPOs
With the initial public offering (IPO) of medical device distributor LifeHealthcare Group last week and the IPO launch of New Zealand-based Innate Immunotherapeutics the week prior, expectations are growing that we will see a reawakening of the biotechnology IPO market the coming year.
After little or no IPO activity for some years, the industry has welcomed early signals that the IPO market is becoming active - following the trend of the broader business market.
LifeHealthcare’s launch was worth about $85 million at $2.00 a share. The company was founded in 2006 by the current CEO Daren McKennay through the acquisition of six medical-device companies. The company specialises in the distribution of high-end medical devices, which it sells to surgeons, hospitals and other medical specialists in Australia and New Zealand.
Innate Immunotherapeutics launched an IPO worth up to $12 million at $0.20 a share to raise funds for a phase IIb trial of secondary progressive multiple sclerosis (SPMS) of its lead drug candidate. The company was originally located in New Zealand and has now relocated its operations to Sydney.
According to the PricewaterhouseCoopers’ BioForum Report (October 2013), there were 86 biotech companies listed on the ASX with a combined market capitalisation of about $51.304 billion.
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