AREC - U.S. IPO Weekly Recap: 2 Billion-Dollar Biotechs Cap A Mixed Week For Biotech IPOs
In the second week after the SEC opened, we saw a number of launches and two billion-dollar biotechs, Alector (ALEC) and Gossamer Bio (GOSS), price their IPOs. Another biotech, Harpoon Therapeutics (HARP), along with three SPACs, also priced their IPOs.
Alector, a Phase 1 biotech developing therapies for neurodegeneration, raised $176 million in its IPO on Wednesday, commanding a fully diluted market value of $1.4 billion, but ended its first day of trading down 5% and ended the week down 14%. Alector's poor performance rivaled that of another billion dollar biotech, Moderna (MRNA), which IPO'd