Two life sciences IPOs and strengthening markets offer encouragement to Biotech sector
Two companies focused on infectious disease successfully completed initial public offerings (IPOs) in March, ending a drought in life sciences initial public offerings since the $2.6 billion debut of Pfizer's animal health business Zoetis at the end of January, notes health care focussed financial services firm Burrill & Co.
Watertown, Massachusetts-based Enanta Pharmaceuticals, developing a pipeline of novel small molecule drugs targeting hepatitis C, completed a $56 million offering selling 4 million shares at $14. The offering came at the bottom of its expected $14 to $16 range. Existing investors, along with other insiders, committed to purchase about one third of the offering. Shares in the company ended March up 30%.
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