US equity markets are an attractive source of capital and liquidity, even for companies that are already listed on foreign exchanges or the OTC markets.
Frankfurt-listed MorphoSys (MOR) began trading on Thursday, and four more traded companies are currently scheduled to complete initial US offerings: Mereo BioPharma Group (MREO), Taiwan Liposome Company (TLC), ASLAN Pharmaceuticals (ASLN) and FirstCaribbean International Bank (FCI).
Since the start of 2014, there have been 50 IPOs* on the Nasdaq or NYSE from foreign or OTC-traded companies, or 7% of IPO deal flow. Biotechs made up 70% of cross-listings or up-listings