Imagine you were an investor version of Rip Van Winkle. You went to sleep in October 2012 and woke up today. You’d take a quick look at biotech and think we were in a raging bull market. A few thoughts would be running through your head:
Unbelievable, the NASDAQ Biotech Index is at 3400! When I went to sleep, the NBI was 1400. That’s some crazy good performance in only three years.
And the new issuance market is booming! Bankers must be having a field day – nine biotech IPOs got priced in the last six weeks! This is nearly as many as we got public in all of 2012. Finally, it seems, the IPO window is wide open, and at great valuations too, almost 50% higher at median than we saw in 2012.
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