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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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).

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