In a previous post I gave an overview of VC-backed biotech companies that are in the IPO bullpen. Anthera, a therapeutic company with candidates in clinical trials for cardiovascular and autoimmune diseases was the first up for an IPO, however delayed it’s offering shortly thereafter with little explaination. This changed again, as the company went public on the first of this month, although at half the price it had originally anticipated. Anthera initially priced it’s offering of 4.6 million shares at $13-$15 to raise ~$70 million, but then delayed, cut the price to $8-$9, and then to $7. According to Fierce Biotech, Deutsche Bank said the IPO raised ~$32 million, a much reduced amount. This isn’t great news, as Anthera is now the 2nd biotechnology to cut it’s offering, following the much stronger Ironwood which cut it’s offering by ~ 30%.
The IPO window may be open, but it still looks like a pretty tough market.
Here’s the story from:
- Fierce Biotech
- Wall Street Journal