Moderna (MRNA) is scheduled to raise $500 million tonight at an $8.0 billion valuation. On both measures, that would make it the largest development-stage drug developer ever to go public.
Below we present the five largest biotech IPOs by deal size.
Our premium IPO Pro platform lets you screen for every 2018 healthcare IPO, then dig down into the biotechs.
After Moderna, the past four largest biotech IPOs generated a lot of hype at the time of their offerings and had a strong gain on day one. Three traded up from there, while Axovant's -88% return highlights the risk of awarding $1+ billion valuation to biotechs.
| 5 Largest Biotech IPOs of All Time, by Deal Size | |||||
|---|---|---|---|---|---|
| Company | Deal Size |
Market Cap at IPO |
Trade Date |
First Day Return |
Return at 12/05 |
| Moderna (MRNA) | $500M | $8,016M | 12/07/18 | - | - |
| Allogene Therapeutics (ALLO) | $324M | $2,188M | 10/11/18 | 39% | 74% |
| Axovant Sciences (AXON) | $315M | $1,504M | 06/11/15 | 99% | -88% |
| Galapagos (GLPG) | $275M | $1,659M | 05/14/15 | 20% | 140% |
| Juno Therapeutics (JUNO) | $265M | $2,164M | 12/19/14 | 46% | 262%* |
