As one of big drivers behind the recent IPO window, cross-over investing into private biotech companies by both mutual fund and hedge fund investors has become increasingly commonplace over the past couple years. As described at the BIO Investor meeting last month in San Francisco, “Cross-over investing all the rage” (here). This elevated and active role by cross-over investors in the private markets has been an accelerating trend since early in 2012 (here). In fact, in January 2013, BioCentury’s Michael Flanagan wrote in the Financial Markets Preview that an important “factor that could fuel the IPO market is the larger role crossover public investors have played in late-stage private financings, providing an additional source of capital to help shepherd companies to reach a stage where other public investors will take notice”. This has certainly played out as described.
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