and Chinese medical device manufacturer MicroPort CardioFlow Medtech Corp.'s $372.2 million listing in Hong Kong. Other notable moves included cell-engineering company Sana Biotechnology Inc.'s $675.6 million offering in the U.S. Known for its vaccines, including flu, rotavirus and chickenpox, the South Korean company signed an agreement to domestically manufacture and commercialize Novavax Inc.'s coronavirus vaccine candidate prior to the public offering. Ltd.'s offering in March was the second-largest IPO of the quarter at nearly $875 million. Defense Department to support the production of their COVID-19 serological and diagnostic tests. Biomedical Advanced Research and Development Authority, or BARDA, and the U.S. In March, the company was awarded a contract with the U.S. ![]() The Raritan, N.J.-based company provides medical instruments and assays used for diagnosing various conditions. Healthcare equipment company Ortho Clinical Diagnostics Holdings PLC, for example, was the largest offering of the quarter, raising about $1.49 billion in proceeds. The pandemic's impact on sectors like traditional retail and hospitality may drive investors to other industries, EY said, and technology and healthcare will still lead the pack in the short term. very high valuations, which is a point of concern, and a lot of people expect the market at some point to take a nosedive," Behner added. "There is still a lot of liquidity in the market. 2021 will probably not get quite there, but I still expect a very strong year," Behner said.Ī "massive" amount of liquidity in the IPO market has fueled some of this growth, with some companies trying to hop on the bull IPO market ride while there is still time, Behner said. "2020 was an all-time record here, actually. Peter Behner, EY's global life sciences transactions leader, told S&P Global Market Intelligence that healthcare IPO deal values for the remainder of 2021 were likely to fall between 20 levels. ![]() Food and Drug Administration's continued review and approval of new treatments. ![]() The report's authors attributed the IPO "boom" to the value placed on vaccines, therapeutics and virtual healthcare during the pandemic, as well as the U.S. The offerings continued a strong trend from the fourth quarter of 2020, which saw 87 companies go public at a total valuation of $13.75 billion.Īccording to an April 15 report by consulting firm Ernst & Young, healthcare joined industrials and technology as the sectors that saw the highest number of global IPOs during the first quarter. The total valuation of these offerings was $13.80 billion, more than double the $5.37 billion of offerings in the first quarter of 2020. Global healthcare IPOs during the first quarter of 2021 more than doubled year over year as the pandemic highlighted the need for innovative therapies, vaccines and diagnostics.Īccording to data compiled by S&P Global Market Intelligence, 84 healthcare companies went public globally, the highest number of first-quarter IPOs over the last five years.
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