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July 07, 2014

Top 20 IPOs of 2014 (So Far)

Which firms raked in the most in proceeds after going public? Find out here.

Top 20 IPOs of 2014 (So Far)

There have been so many IPOs so far this year, we just couldn’t wait until December. [© kentoh - Fotolia.com]

  • The first six months of 2014 has seen almost as many biopharma therapeutic, diagnostics, and tools/tech IPOs (52) as took place all of last year (54).

    Several reasons have been cited publicly. There’s the revival of the overall market, which has drawn more generalist investors back to the field after staying away for years after the financial meltdown of 2008. Many of those investors have been wowed as much by the innovations of the companies themselves. The FDA has stepped up its pace of reviews and decisions on new drugs, while smaller biotechs have been encouraged to go public through the Jumpstart Our Businesses (JOBS) Act, with its five-year exemption from the Sarbanes-Oxley Act and its process for confidential submission of draft registration statements.

    Below is a list of the top 20 IPOs of the first half of 2014, ranked by proceeds—mostly net proceeds, though some companies have opted to report higher gross proceeds, which the List notes with a footnote. Companies are listed by name, amount raised, date of first shares traded, number of shares issued and IPO price, the company’s stock abbreviation, and market in which these shares are traded, followed by footnotes.

    So closely were first half 2014 IPOs around the middle of the pack in amounts raised that the 21st biggest IPO, Cerulean Pharma, recorded $60.2 million in net proceeds—less than $1 million below No. 20 Ardelyx’ $60.8 million.

    The forecast for the second half IPO market remains cloudy. Of seven biopharmas expected to go public the week of June 23, only one did—Amphastar Pharmaceuticals, and only after it lowered its IPO price to $7 a share from the $10–$12 range it initially sought. The other six biopharmas postponed their IPOs.

    One of the six, Ambrx, has since withdrawn its IPO, while Minerva Neurosciences completed its IPO of 5.5 million shares at $6 per share on July 1, leaving it out of this list. At deadline, all of the remaining four (GlobeImmune, KineMed, Microlin Bio, and Syndax Pharmaceuticals) had planned to go public soon after July 1. Yet several other companies filed registration statements for future IPOs late last month (including Auris Medical, Avalanche Biotechnologies, and Viamet Pharmaceuticals), so if the market for biopharma stocks has finally cooled, many companies remain to be convinced.

  • #20. Ardelyx

    Amount: $60.8 million in net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses.

    Date: June 19

    Shares/Price: 4,928,900 shares at $141

    Listing/Market: ARDX on the NASDAQ Global Market

  • #19. Genocea Biosciences

    Amount: Approximately $61.4 million in net proceeds after underwriting discounts and commissions and estimated offering expenses

    Date: February 5

    Shares/Price: 5.5 million shares at $12

    Listing/Market: GNCA on the NASDAQ Global Market

  • #18. Flexion Therapeutics

    Amount: Approximately $67.3 million in aggregate net proceeds, after underwriting discounts and commissions and estimated offering expenses

    Date: February 12

    Shares/Price: 5.75 million shares at $132

    Listing/Market: FLXN on the NASDAQ Global Market

  • #17. Achaogen

    Amount: Approximately $73.9 million in net proceeds after deducting underwriting discounts, commissions, and estimated offering expenses

    Date: March 12

    Shares/Price: 6.9 million shares at $123

    Listing/Market: AKAO on the NASDAQ Global Market

  • #16. MediWound

    Amount: Approximately $80 million4

    Date: March 20

    Shares/Price: 5.75 million shares at $145

    Listing/Market: MDWD on the NASDAQ Global Market

  • #15. Alder Biopharmaceuticals

    Amount: $80.1 million in net proceeds

    Date: May 8

    Shares/Price: 8,875,396 shares at $106

    Listing/Market: ALDR on the NASDAQ Global Market 

  • #14. Concert Pharmaceuticals

    Amount: $83.1 million in net proceeds

    Date: February 13

    Shares/Price: 6,649,690 shares at $147

    Listing/Market: CNCE on the NASDAQ Global Market

  • #13. Auspex Pharmaceuticals

    Amount: $87.1 million in net proceeds

    Date: February 5

    Shares/Price: 8.05 million shares at $128

    Listing/Market: ASPX on the NASDAQ Global Market

  • #12. uniQure

    Amount: $85.4 million after commissions but before expenses9

    Date: February 5

    Shares/Price: 5.4 million shares at $1710

    Listing/Market: QURE on the NASDAQ Global Select Market

  • #11. Dicerna Pharmaceuticals

    Amount: Approximately $92.9 million in aggregate net proceeds after deducting underwriting discounts and commissions and estimated offering expenses

    Date: January 30

    Shares/Price: 6.9 million shares at $1511

    Listing/Market: DRNA on the NASDAQ Global Select Market

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