Dozens of biotech companies are running low on cash and face an uphill struggle to raise fresh funds after “tourist” investors who snapped up their shares during the pandemic abandoned the sector.
Biotech groups, most of them lossmaking, raised a record $32.7bn in initial public offerings over the past two years, according to data from Refinitiv. But 83 per cent of recently listed US biotech and pharma stocks are now trading below their IPO price.
Biotech groups that listed in 2021 are trading on average 37 per cent below their IPO price, compared to a 22 per cent fall for all newly US-listed companies.
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