More Biotech IPOs Likely To Rely On Insiders Amid Slump
Law360, New York (February 19, 2016, 2:20 PM EST) -- As the initial public offerings market continues to trudge through a cold winter, more biotechs are relying on support from inside investors to close deals, a trend capital markets attorneys expect will be necessary to sustain activity given weaker demand in the broader market.
Data tracked by IPO researcher Renaissance Capital shows that among four IPOs this year — all generated by biotechs — insiders publicly indicated interest in buying shares amounting to about 31 percent of proceeds, up from 22 percent in 2015.
The trend toward insider buying comes as companies find it harder to persuade new investors amid chilly...
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