Beyond the biotech IPO: a brave new world

After a decade of significant challenges, biotech's long-term sustainability depends on making fundamental changes to its traditional business model.

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Figure 1: IPO windows and pricing.
Figure 2: Poor post-market performance.
Figure 3: Illiquid trading volumes.
Figure 4: The binary nature of public product-focused biotech plays.

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Acknowledgements

The author would like to thank A. Milne at Atlas Venture for her tireless data analysis and insightful support, as well as all the firms who helped contribute data sets.

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Atlas Venture is an investment firm focused on early-stage biotech. B.L.B. has a pecuniary interest in Atlas's success.

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Booth, B. Beyond the biotech IPO: a brave new world. Nat Biotechnol 27, 705–709 (2009). https://doi.org/10.1038/nbt0809-705

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